Explanation:

Let’s break it down one by one:

- Six students: P, R, T, V, X, Z.

- Z < R (Z scored less marks than R)

- P > T but P < Z (P is above T, below Z)

- The 3rd-lowest: 39 marks

- T isn’t the least

- V scored fewer marks than only two people (V is 3rd highest)

Let’s rank them:

- Since V is “fewer than only two,” only two people have more marks than V, so V must be third.

- Let’s list everyone out, from low to high.

- T isn't the least, so someone else is at the bottom.

- P > T, so P is above T.

- P < Z < R (since P < Z and Z < R)

- So, let's try this:

- Lowest: X (since T can't be the lowest, pick X; any name works here)

- Next: T

- Next: P (because P > T)

- Next: Z (since P < Z)

- Next: V (since only two above V)

- Highest: R (since Z < R, and V is #3)

So the ranking is: X < T < P < Z < V < R

The question: Who scored more than P but less than R?

- That’s Z and V.

Let’s check options:

1. V

2. X

3. Z

4. Either I or III

5. Both I and III

The right answer is Option 5: Both I and III