Correct Option (2)

The given sequence is 14/12/95, 1/1/96, 29/1/96, 26/2/96.

To determine the pattern, we calculate the difference in days between consecutive terms:

From 1/1/96 to 29/1/96: The difference is 29 - 1 = 28 days.
From 29/1/96 to 26/2/96: January has 31 days. Days remaining in January after 29/1/96 are 31 - 29 = 2 days. The year 1996 is a leap year, so February has 29 days. The number of days into February is 26. Thus, the total difference is 2 (Jan) + 26 (Feb) = 28 days.

The established pattern is to add 28 days to the preceding term.

To find the next term after 26/2/96, we add 28 days:

Days remaining in February 1996 (which has 29 days) from 26/2/96 are 29 - 26 = 3 days.
The remaining days to be added from the 28-day interval are 28 - 3 = 25 days.
These 25 days fall into March 1996.

Therefore, the next term in the series is 25/3/96.

Incorrect Options:

Options 1 (24/3/96), 3 (26/3/96), and 4 (27/3/96) are incorrect because they do not conform to the identified pattern of adding 28 days to the preceding term (26/2/96). If 24/3/96 were the next term, it would imply an addition of 27 days (3 days in February + 24 days in March). If 26/3/96 were the next term, it would imply an addition of 29 days (3 days in February + 26 days in March). If 27/3/96 were the next term, it would imply an addition of 30 days (3 days in February + 27 days in March). These do not follow the consistent 28-day increment.