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Answer: (C) IPKN
Explanation
The relationship between the first pair of letter groups follows a sequential pattern of positional shifts in the English alphabet: +1, -1, +1, and -1. In the first term AZCX, adding 1 to A gives B, subtracting 1 from Z gives Y, adding 1 to C gives D, and subtracting 1 from X gives W, resulting in BYDW. Applying this same logic to the third term HQJO, the first letter H moves forward by one to I, the second letter Q moves backward by one to P, the third letter J moves forward by one to K, and the fourth letter O moves backward by one to N. This process results in the sequence IPKN.