Given below are 2 statements:
Statement I: An article of Rs. 500 sold for Rs.400 earned a loss 5%.
Statement II: To earn 8% profit, an article of Rs. 600 sold for Rs. 648.
In light of the above statements, choose the correct option given below.
1
Both statements I and statement II are true.
2
Both statements 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.