Given below are two statements.
Statement I : The magnetic field of circular current loop at very far away point on the axial line varies with distance as like that of a magnetic dipole.
Statement II : The magnetic field due to magnetic dipole varies inversely with the square of the distance from the centre on the axial line.
In light of above statements, choose the most appropriate answer from the options given below

Statement I is correct.
Magnetic field on the axis at a distance x from the centre of a circular current carrying loop is given by,
$\mathrm{B}=\frac{{\mathrm{\mu }}_0{\mathrm{IR}}^2}{2{\left({\mathrm{R}}^2+{\mathrm{x}}^2\right)}^{\frac{3}{2}}}$
At a very far away point on the axial line means x≫R.
Then, $\mathrm{B}=\frac{{\mathrm{\mu }}_0{\mathrm{ℝ}}^2}{2{\left({\mathrm{R}}^2+{\mathrm{x}}^2\right)}^{\frac{3}{2}}}\simeq \frac{{\mathrm{\mu }}_0{\mathrm{ℝ}}^2}{2{\left({\mathrm{x}}^2\right)}^{\frac{3}{2}}}=\frac{2{\mathrm{\mu }}_0\mid {\mathrm{\pi R}}^2}{4{\mathrm{\pi x}}^3}=\frac{2{\mathrm{\mu }}_0\mathrm{M}}{4{\mathrm{\pi x}}^3}$ Where, magnetic Moment is, M=I(πR²).
Statement II is incorrect.
The magnetic field due to magnetic dipole varies inversely with the cube of the distance from the centre on the axial line.
$\begin{array}{l}\mathrm{B}=\frac{{\mathrm{\mu }}_0}{2\mathrm{\pi }}\frac{\mathrm{M}}{{\mathrm{x}}^3}\\ \mathrm{B}\propto \frac{1}{{\mathrm{x}}^3}\end{array}$