Given below are two statements:
Statement (I): A man sells his goods at 10% profit. If he sells his goods at 15% profit. he gets Rs. 160 more. The cost price of his goods is Rs. 4,200.
Statement (II): A man spends 80% of his earnings. His earnings increased by 25% and his expenses increased by 20%. The man's savings thus increased by 45%.
In the light of the above statements, choose the correct answer from the options given below:
1
Both Statement (I) and Statement (II) are true
2
Both Statement (I) and Statement (II) are false
3
Statement (I) is true but Statement (II) is false
4
Statement (I) is false but Statement (II) is true