Option 1 -> Incorrect matching: (A) uses future continuous instead of present perfect for completed action.
Option 2 -> Incorrect matching: (A) uses base form instead of present perfect; (B) uses future continuous instead of present perfect continuous.
Option 3 -> (A) "has studied" (IV) - present perfect for completed action; (B) "has been studying" (I) - present perfect continuous with "since morning"; (C) "will be studying" (II) - future continuous with "from next year"; (D) "study" (III) - infinitive after "but to".
Option 4 -> Incorrect matching: (A) uses present perfect continuous instead of present perfect; (D) uses future continuous instead of infinitive.
Hence, Option 3 -> Sentence (A) requires present perfect to show completed action with present relevance; (B) needs present perfect continuous for ongoing action "since morning"; (C) requires future continuous for action "from next year"; (D) needs base form/infinitive after "but to" -> correct