You will store sensitive unstructured objects in Cloud Storage and must retain all objects for at least 7 years. Objects older than 3 years are rarely accessed and you want to minimize storage cost. What should you do? (Choose two.)

To meet the 7-year retention requirement, setting a retention policy on the bucket for 7 years is essential. This ensures objects cannot be deleted or overwritten before the specified period, fulfilling the compliance need. To minimize cost for rarely accessed objects older than 3 years, an object lifecycle policy should be created. This policy automatically transitions objects from Standard Storage (higher cost, frequent access) to Archive Storage (lowest cost, infrequent access) after 3 years, optimizing storage expenses without manual intervention. Using IAM Conditions for access control based on age is not a retention mechanism. Enabling Object Versioning protects against accidental deletion but doesn't enforce a minimum retention period or optimize storage costs for older data. Implementing a Cloud Function for lifecycle management is overly complex and less efficient than Cloud Storage's native object lifecycle management feature.