Consider the following statements regarding the photoelectric effect experiment:
(I) Photo electrons are emitted as soon as the metal is exposed to light.
(II) There is a minimum frequency below which no photo-current is observed.
(III) The stopping potential is proportional to the frequency of light.
(IV) The photo-current varies linearly with the intensity of the light.
Which of the above statements indicate that light consists of quanta (photons) with energy proportional to frequency?