Given below are two statements :
Statement I:-
If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called compound interest.
Statement II:-
The money borrowed or lent out for a certain period is called simple interest.
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