Identify the correct statement:

1.In extracting factors we want to account for as much variance as possible while keeping the number of factors extracted as small as possible.

2.In extracting factors we want to account for as little variance as possible while keeping the number of factors extracted as small as possible.

3.In extracting factors we want to account for as little variance as possible while keeping the number of factors extracted as large as possible.

4.In extracting factors we want to account for as much variance as possible while keeping the number of factors extracted as large as possible.