If the average size of 3 accounts is $1 million, is the smallest account less than $500,000?

(1) The largest account is $1.3 million.

(2) One of the accounts is $0.7 million.

Statement 1 alone is sufficient but statement 2 alone is not sufficient to answer the question asked.

Statement 2 alone is sufficient but statement 1 alone is not sufficient to answer the question asked.

Both statements 1 and 2 together are sufficient to answer the question but neither statement is sufficient alone.

Each statement alone is sufficient to answer the question.

Statements 1 and 2 are not sufficient to answer the question asked and additional data is needed to answer the statements.