Select the option that is related to the third term in the same way as the second term is related to the first term. PIRATE: ETZQIP:: SINGER:?

The logic followed here is as follows, The position of (first letter, last letter) and (second letter, fifth letter) is interchanged, starting from the left end. Third and fourth letter are replaced by immediately preceding letter and their position are then interchanged. P         I           R         A         T          E E         T          Z          Q         I           P So, PRIVATE is written as ETZQIP S         I           N         G         E         R R         E         F          M         I           S So, SINGER is written as REFMIS