Correct Answer - Option 2 : C
Arranging the students according to the time taken :
A finished his exam before B.
A < B
A finished his exam after C.
A > C
D finished his exam before E.
D < E
D finished his exam after B.
D > B
The final arrangement will be :
E > D > B > A > C
The Least time is taken by C.
Thus, C completed the exam first among others.
Hence, the correct answer is "C".