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Statement 1 tells us that possible values of X are 3,7,11,15......Not Sufficient
Statement 2 tells us that possible values of Y are 2,6,10,14......Not Sufficient
Combining both the statements, we find that the product of any possible value of X and any possible value of Y leaves a remainder of 2 when divided by 4.....e.g: 3*2,11*14,...
Therefore, C is the answer.
A more conceptual approach is as follows:
X=4n+3
Y=4m+2
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