Which of the statements made here are correct regarding the transformer?

[answerhappygod]

I. Maximum voltage regulation occurs at the leading p.f.
II. Maximum voltage regulation occurs when load p.f. angle and
impedance angle of the leakage impedance are same.
III. V.R. at zero p.f. is always zero.
IV. V.R. of a transformer may be negative at leading p.f.
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a) I, III
b) II, IV
c) 1, III
d) I, IV, III