What is the area bounded by the two lines and the coordinate axes in the first quadrant?
I. The lines intersect at a point which also lies on the lines 3x - 4y = 1 and 7x - 8y = 5.
II. The lines are perpendicular, and one of them intersects the Y-axis at an intercept of 4.

Considering 1st statement alone:
We can find only one coordinate regarding both lines, which is insufficient information to calculate area.
Considering 2nd statement alone:
We have only one coordinate , regarding one line with insufficient information to calculate area.
Now if we consider both statements together, we can find points where lines are meeting co-ordinate axis and then area.
So our answer will be C.