No - if you want "will have been studying" it means that it will be the case when some future event happens: I will have been at my job for four years next month. So you can't have "has started" as the second part of the phrase - that puts the "starting" in the past. She will have been studying French for three years when she starts in MA.
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GoodmanThat was my independent guess too
Only “D” is the correct answer.