Select Silver contract owner, Edward, is age $54.$ What are his options at the end of the fifth anniversary of owning the contract?

Renew to a guaranteed period of one, three, five, or seven years.

II$.$ The withdrawal charges are now at zero, so the client may withdraw the funds. The client needs to be made aware of the potential $10\%$ penalty for early withdrawals prior to age $\frac{591}{2}.$ III. Renew to a guaranteed period from one to five years, depending on availability.

$IV.$ At the end of the fifth contract anniversary, the contract has matured; therefore the contract must be settled to an income plan.

I only

N only

II and III

II and IV