Given below are two statements
Statement I : The compound interest on ₹280 for 18 months at 10% per annum is ₹44.3.
Statement II : At 5.6% rate of simple interest, a certain sum will be doubled in 15 years
In 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