Statement 1: In 1 minute, Hour hand covers 0.5 degrees. So, at 3.16 pm, hour hand position in degrees = 192×0.5 = 96

In 1 minute, minute hand covers 6 degrees. So, at 3.16 pm ie 16 minutes, minute hand position in degrees = 16×6 = 96

Hence, statement 1 is correct.

Statement 2 is bound to be correct as second hand travels through entire clock in one minute. So, it will coincide with minute hand when it is between 4:58 p.m. and 4:59 p.m.

Thus, both statements 1 and 2 are correct.