Answer: E
Whoa! This is huge. There are 65,536 possible graphs with 4 nodes, and 33,554,432 possible graphs with 5 nodes.
If we think about the adjacency matrix representation of a graph, there is an n × n matrix with a 0 or 1 in position [i][j] iff there is an arc from i to j. Since there are n2 bits, the number of values of all possible matrices of bits is 2n2