1. This is a Not only - But also question.
- Eliminate C/D and E


2. Also, S-V agreement is checked in has vs have.
Since Software is singular we will use "has"
- Eliminate B

Answer - A

I do not think 'A' is correct.
The above explanation is correct to limiting the options to a & b BUT a contains errors.

Here is my take:

1. 'power to facilitate' is better than using 'power of facilitating'.
2. If we look for parallelism seriously, we see that we need to make the parallelism between 'will not only meet the needs ' and 'but also has the'.

As none of the options contain 'will' in the 'but also' clause, we assume a hidden 'will' in the clause.
That makes it

'will not only make the needs'...'but will also....'

'has' is wrong with will and the correct form of the verb is 'have'.

So answer 'B' is correct.

What is the OA by the way?

My stake on C

"it" correctly represents the noun of the subject "computer software"

Also, it uses correct form of idiom "Not only ...but also"

Again, the correct form of writing "facilitate" is "to facilitate" and not "of facilitating"

Amiman wrote:The computer software being designed for a project studying Native American access to higher education will not only meet the needs of that study, but also has the versatility and power of facilitating similar research endeavors.
(A) but also has the versatility and power of facilitating
(B) but also have the versatility and power to facilitate
(C) but it also has the versatility and power to facilitate
(D) and also have the versatility and power of facilitating
(E) and it also has such versatility and power that it can facilitate

OA is B.
The software, [blah blah..] WILL not only A but also B.
A and B has to be parallel in tense.
only B does this. thus, B.