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Answer the following question based on the information given below.

Abdul and Bikram and Chetan are three professional traders who trade in shares of a company $\text{XYZ}$ Ltd. Abdul follows the strategy of buying at the opening of the day at $10$ am and selling the whole lot at the close of the day at $3$ pm. Bikram follows the strategy of buying at hourly intervals $10$ am, $11$ am, $12$ noon, $1$ pm and $2$ pm, and selling the whole lot at the close of the day. Further he buys an equal number of shares in each purchase. Chetan follows a similar pattern as Bikram but his strategy is somewhat different. Chetan’s total investment amount is divided equally among his purchases. The profit or loss made by each investor is the difference between the sale value at the close of the day less the investment in purchase. The “return” for each investor is defined as the ratio of the profit or loss to investment amount expressed as a percentage.

One day, two other traders Dane and Emily joined Abdul and Chetan for trading in the shares of $\text{XYZ}$ Ltd. Dane followed a strategy of buying equal number of shares at $10$ am, $11$ am and $12$ noon, and selling the same numbers at $1$ pm, $2$ pm and $3$ pm. Emily on the other hand, followed the strategy of buying shares using all her money at $10$ am and selling all of them at $12$ noon, and again buying the shares for all the money at $1$ pm and again selling all of them at close of the say at $3$ pm. At the close of the day the following was observed.

  1. Abdul lost money in the transactions.
  2. Both Dane and Emily made profit.
  3. There was an increase in share price during the closing hour compared to the price at $2$ pm.
  4. Share price at $12$ noon was lower than the opening price

Share price was its highest at

  1. $10$ am
  2. $11$ am
  3. $12$ noon
  4. $1$ pm
  5. cannot be determined
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