You need to save for your retirement, which is in 2020 years. You can only put one amount on the bank today. Consider the following two statements:

I. With an annual compound interest of 3%3% you will save more than with an annual simple interest of 5%5%.

II. If you can save monthly instead of putting one amount on the bank today, you can use the perpetuity formula to calculate how much you will have in 2020 years.

a.

Only statement I is correct

b.

Both statements are correct

c.

Both statements are false

d.

Only statement II is correct