Step 1: Set up the function.
Let one part be $x$, the other $20 - x$. Maximise $f(x) = (20 - x)x^3$.
Step 2: Differentiate and solve.
$f'(x) = 60x^2 - 4x^3 = 4x^2(15 - x)$. Setting this to zero gives $x = 15$, which is a maximum.
Step 3: Find the product.
Parts are 15 and 5, so the product is $15 \times 5 = 75$.
\[ \boxed{75,\ \text{option 2}} \]