Option (ii) is correct. The value of the simple correlation coefficient lies between minus one and plus one. This range is mathematically expressed as $-1 \leq r \leq 1$. If the calculated value of $r$ falls outside this range, it indicates an error in calculation. A value of $r = 1$ or $r = -1$ indicates perfect correlation, while $r = 0$ indicates that the variables are uncorrelated.