Explanation:

Triangles:

The simplest triangles are BGM, GHM, HAM, ABM, GIN, UN, JHN, HGN, IKO, KLO, LJO, JIO, KDP, DEP, ELP, LKP, BCD and AFE i.e. 18 in number.

The triangles composed of two components each are ABG, BGH, GHA, HAB, HGI, GIJ, IJH, JHG, JIK, IKL, KLJ, LJI, LKD, KDE, DEL and ELK i.e. 16 in number.

The triangles composed of four components each are BHI, GJK, ILD, AGJ, HIL and JKE i.e. 6 in number.

Total number of triangles in the figure = 18 +16 + 6 = 40.

Squares :

The squares composed of two components each are MGNH, NIOJ and OKPL i.e. 3 in number.

The squares composed of four components each are BGHA, GIJH, IKLJ and KDEL i.e. 4 in number.

Total number of squares in the figure = 3 + 4 = 7.

Hence, option 3 is the correct answer.