I. M, O, R, V and II. N, L, I, ?
These two steps are repeated alternately.
Also, there is a gap of one letter between the last letter of the first term and the first letter of the second term; a gap of two letters between the last letter of the second term and the first letter of the third term; and so on.
So, there should be a gap of three letters between the last letter of the third term and the first letter of the desired term.
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