By this time next year Rajesh will . . . . . . . his University Degree in Marketing Management.

The correct answer is: D. have taken

The sentence is in the future perfect tense, which is used to talk about actions that will be completed by a specific time in the future. In this case, the specific time is “by this time next year.” The verb “take” is conjugated in the past participle form, “taken,” to agree with the subject “Rajesh.”

The other options are incorrect because they are not in the future perfect tense. Option A, “has taken,” is in the present perfect tense. Option B, “had taken,” is in the past perfect tense. Option C, “have took,” is not a correct verb form.

Here is a breakdown of the other options:

• Option A, “has taken,” is in the present perfect tense. The present perfect tense is used to talk about actions that have been completed or that have started in the past and continue into the present. In this case, the sentence is not about an action that has been completed or that continues into the present. It is about an action that will be completed by a specific time in the future.
• Option B, “had taken,” is in the past perfect tense. The past perfect tense is used to talk about actions that were completed before another action in the past. In this case, the sentence is not about two actions in the past. It is about an action that will be completed by a specific time in the future.
• Option C, “have took,” is not a correct verb form. The correct verb form is “have taken.”

I hope this explanation is helpful!