91 is related to 21 in step III in the same way 11 is related to 32 in the step I then 92 is related to which of the following in step IV in the same way?

The logic is as follows:

Step I: The first two smallest numbers are arranged in ascending order.

Step II: The next two smallest numbers are arranged in ascending order shifting the previously arranged one inward.

Step III: The digits of all the numbers are interchanged

Step IV: Taking a pair of numbers from the left-most side, the first two digits of the number pair are taken to form a number. Similarly, the second two digits of a number pair are taken to form the next number.

Input: 12  46  32  11  19  36  89  41  56  53  75  81

Step I: 11  12 46  32  19  36  89  41  56  53  75  81  

Step II: 19  32  11  12  46  36  89  41  56  53  75  81

Step III: 91  23  11  21  64  63  98  14  65  35  57  18

Step IV: 92  13  12  11  66  43  91  84  63  55  51  78

Thus, Step IV is the last step.

There are two numbers between 91 and 21 in Step III, two numbers between 11 and 32 in Sep I, thus in Step four there are two numbers between 92 and 11 in step IV.

Hence, 11 is the correct answer.