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Option 3 : Both I and II follow
Consider the following least possible Venn diagram,
[ alt="Steno Neha FT12 14 July 2018 50q hindi Reviewed images Q37" src="//storage.googleapis.com/tb-img/production/18/08/Steno_Neha_FT12_14%20July%202018_50q_hindi%20Reviewed_images_Q37.PNG">
Conclusions:
I. Some Bike are Brown → True.
II. Some Book being Bike is a possibility → True (Possibility is true).
III. Some White are Book → False (Not possible as all white are brown and no brown is book).
Hence, both conclusions I and II follow.
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