Direction: A statement has been divided into five parts-(A), (B), (C), (D), and (E). Part (E) is fixed and grammatically correct. Out of the other parts, only one is without error. You are required to find the error-free part and mark it as your answer. If none of the parts have error, mark- 'No error' as your answer.

By then, the second-round effects(A)/ of job and income loss and (B)/weak balance sheets is(C)/ likely to have working(D)/ their way through the system.(E)