Correct option is C

LATER is coded as MCWIW
L → M (+1)
A → C (+2)
T → W (+3)
E → I (+4)
R → W (+5)
Using the same pattern, we decode GKHVHK:
G → F (-1)
K → I (-2)
H → E (-3)
V → R (-4)
H → C (-5)
K → E (-6)
This translates to FIERCE.
Thus, the answer is (c) FIERCE.