Explanation:

Given Analogy:
MILK : EXTRACT

This is likely a verb : synonym analogy. Here, milk is used as a verb, meaning to extract, like:

"to milk the situation" = "to extract benefits"

So the analogy is:

to milk is to extract → verb : synonym

Now examine the options with this logic:
expend : relish   Expend means to use up.Relish means to enjoy.

No synonym relationship here. (wrong)

exploit : utilize      Exploit means to make full use of something (sometimes unfairly). Utilize means to use.

These are close synonyms, especially in neutral contexts. (correct)

explore : peruse   Explore means to investigate or travel through. Peruse means to read carefully or examine.

Some overlap, but not direct synonyms. (wrong)

rent : contrive

Rent means to pay for temporary use. Contrive means to devise or plan.
Not related. (wrong)

Final Verdict:
"Milk : Extract" = Verb : Synonym

Best matching pair: "Exploit : Utilize"

Hence Correct answer: 2. exploit : utilize