For a recurring deposit account in a bank, the deposit is ₹1,000 per month for 2 years at 10% p.a. rate of interest. Statement (1): The interest earned is 10% of ₹(24 x 1,000). Statement (2): For monthly instalment = ₹P, number of instalment = n and rate of interest r% p.a.; the interest earned = Pxnx(n+1)/12 x r/100. 1. Both statements are true. 2. Both statements are false. 3. Statement 1 is true, and statement 2 is false. 4. Statement 1 is false, and statement 2 is true.