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Option 4 : All conclusions follow

Consider the following least possible Venn diagram,

[ alt="IBPS Clerk Mains MFT 7 Neha Tuli 31 October 11 Q images zahida D 1" src="//storage.googleapis.com/tb-img/production/19/11/IBPS_Clerk_Mains_MFT_7_Neha_Tuli_31_October_11_Q_images_zahida_D%201.PNG">

Conclusions:

I. No cup is a paper → True (as only plate is paper and no one else can become a paper).

II. No paper is a bat → True (as only plate is paper means all paper are plate but paper does not have positive relation with any other statement. So, No paper is bat is definitely true).

III. Some bat can be a cup → True (This is a possibility and is true as shown below). 

[ alt="IBPS Clerk Mains MFT 7 Neha Tuli 31 October 11 Q images zahida D 2" src="//storage.googleapis.com/tb-img/production/19/11/IBPS_Clerk_Mains_MFT_7_Neha_Tuli_31_October_11_Q_images_zahida_D%202.PNG">

Hence, all conclusions follow.

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