Which figure from the options comes next in the series of problem figures given below?

Answer & explanation
Correct answer: option 3
The correct answer is Option (3) →
Two things change from figure to figure: the pointed triangle turns 45° clockwise each time, and the black square moves anticlockwise, 1, 2, 3, 4 places: the step grows by one each time. Next the black square moves 5 places anticlockwise, so the next figure has the pointed triangle pointing up and to the right and the black square at the middle of the left side.

Why the other options are incorrect
Option (1) — Incorrect. The pointed triangle is right, but the black square has moved four places again; the step should grow to five places.
Option (2) — Incorrect. The pointed triangle is right, but the black square has moved five places clockwise instead of anticlockwise.
Option (4) — Incorrect. The black square is right, but the pointed triangle has turned 45° anticlockwise instead of clockwise.