Identify the incorrect statements with regard to the Canada Pension Plan (CPP).

I. A drop-out provision covers 20% of the lowest earning months when calculating average pensionable earnings.

II. The contributory period starts at age 18 and ends at age 65.

III. The years basic exemption (YBE) is $3,500 and has remained at this level for several years.

Select one:

a. II and III, only

b. I and II, only

c. I and III, only

d. I, II and III