Statement 1: = P (1+r/100)⁷ - P (1+r/100)⁶ Interest accrued in 7th year Statement 2: C.I. accrued in 7 years P (1+r/100)⁷ = and C.I. accrued in 6 years P (1+r/100)⁶ = 1. Both the statements are true. 2. Both the statements are false. 3. Statement 1 is true, and statement 2 is false. 4. Statement 1 is false, and statement 2 is true.