Correct option is A)

First thing to do is look for repeated letters and for their codes. Take the first word as the base. Letter I and E are repeated in the second word so also the codes M and R. In the third word I is repeated and hence the coed M. Therefore, M is coded for I and R is coded for E.

Looking more closely, letter S is repeated in the word SLIP. So also code letter Q. Therefore Q is coded for S. now, letter N is repeated in word four (NEW). So also the code letter S. Therefore S is coded for N. In the word, since we know the codes for N and E (S and R respectively), K is coded for W. Therefore since all the codes are known, in the word SINCE, Pis coded for C. In words two and three, letter L is repeated so also code letter X. Therefore X is coded for L. Therefore by default C is coded for V and O is coded for P.

Final Representation

S I N C E L V P W

↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓

Q M S P R X C O K