Given below are two statements :
Statement (I): Pearson's coefficient of correlation 'r' is a very useful measure of the strength and direction of the relationship between two nominal variables.
Statement (II): Pearson's coefficient of correlation 'r' always lies between 0 and 1.
In the light of the above statements, choose the most appropriate answer from the options given below:
1
Both Statement I and Statement II are correct
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement II is correct