‘A$B’ means ‘A is smaller than B’ ‘A=B’ means ‘A is neither greater than nor…

Concept: In coded-inequality reasoning, first decode each coded symbol into its standard relational sign (<, =, >), then merge the statements into one chain. A conclusion drawn from that chain is definitely true only if it holds for every set of values consistent with the chain; if even one valid substitution breaks it, the conclusion is not definite. When two variables are linked only through a shared middle term and not directly, always test both directions with actual numbers before deciding.

1. Decode the symbols: '$' means '<', '%' means '>', and '=' (given as "neither greater than nor smaller than") means '='.

2. Apply to the statements: X$Y gives X < Y; Y%Z gives Y > Z; Z=L gives Z = L.

3. Merge into a single chain: X < Y > Z = L. X and L each relate to Y and Z but are not directly compared to each other, so their relation is not fixed by the chain alone.

4. Test Conclusion I (L < X) with X = 5, Y = 10, Z = L = 1: this satisfies X < Y and Y > Z, and gives L (1) < X (5) -- true in this case.

5. Test the same conclusion with X = 1, Y = 10, Z = L = 5: this also satisfies X < Y and Y > Z, but here L (5) > X (1) -- Conclusion I is false in this case.

6. Since Conclusion I holds in one valid case and fails in another, it is not definitely true.

7. The same two cases test Conclusion II (L > X): the first case gives L < X (false) and the second gives L > X (true), so Conclusion II is also not definite.

8. A third case, X = 3, Y = 5, Z = L = 3, satisfies the chain and gives L = X exactly, showing equality between L and X is possible too.

Cross-check: valid substitutions produce L < X, L = X, and L > X, all consistent with the given statements -- confirming neither conclusion is forced by the chain.

Result: Neither Conclusion I nor Conclusion II is definitely true, so the correct choice is "if neither Conclusion I nor II is true".