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Option 5 : Both conclusion II and III follows 

The least possible Venn diagram for the given statements is as follows,

[ alt="F1 S.Y Deepak 04.12.2019 D 15" src="//storage.googleapis.com/tb-img/production/19/12/F1_S.Y_Deepak_04.12.2019_D%2015.png" style="width: 259px; height: 76px;">

I. Many preparation are wise → False (no wise is preparation)

II. Some good are not wise → True(Only a few good are wise)

III. Some wise are good→ True (Only a few good are wise)

Hence, both conclusion II and III follows.

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