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Explanation:

If Balaji already knows that solving application based problems takes more time, he can focus more on formula based problems and achieve the required cut-off percentile.
Similarly, if Balaji knows that the chances of making silly mistakes in application based questions is low, he can plan to attempt those questions towards the end of the exam, where the chances of making silly mistakes is higher due to stress.
Statements III and VI are unrelated to the issue presented in the question.
Knowing that options for formula based questions are tricky, Balaji can avoid attempting those questions.
By knowing that the popular idiom “practice makes a man perfect” is applicable to formula based questions, he can decide whether to attempt such questions or to avoid them, based on his capability.
Thus, only statements I, II, IV and V are valid for the question presented.
Hence, the correct answer is option 5.

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