Given below are two statements: Statement I: IUPAC name of $$HO - CH_2 - (CH_2)_3 - CH_2 - COCH_3$$ is 7-hydroxyheptan-2-one. Statement II: 2-oxoheptan-7-ol is the correct IUPAC name for the above compound. In the light of the above statements, Choose the most appropriate answer from the options given below:

$$HO-CH_2-(CH_2)_3-CH_2-COCH_3$$: This is 7-hydroxyheptan-2-one.

IUPAC rules: ketone gets lowest locant when numbering. Numbering from ketone end: C1-C2(CO)-C3-C4-C5-C6-C7(OH). This gives 7-hydroxyheptan-2-one.

Statement I is correct. Statement II gives 2-oxoheptan-7-ol, which has the same locants but different principal characteristic group priority — ketone is preferred over alcohol, so the name should end in "-one" not "-ol". Hence Statement II is incorrect.

The answer is Option (1): Statement I is correct but Statement II is incorrect.