Monthly rent fee = $1054.69
Let amount saved in January = j
Amount saved every other month = (3/2 of previous month savings) + previous month savings

Target question => How much had he saved by the end of the year?

Statement 1 =>In August, if his rent were $54.69 less and he had saved $8.80 less, his rent and the amount he saved would have been the same
If rent were => 1054.69 - 54.69 = $1000 then he had saved $8.80 less, rent and amount saved would have been the same
Savings in August => 1000 + 8.80 = $1008.80
Since we know Rishi's savings for August, his savings for other months and the total amount saved can be evaluated. Statement 1 is SUFFICIENT

Statement 2 => Each year, his rent is 12/5 of his savings
Total rent for a year = 1054.69 * 12 = $12656.28
12656.28 = 12/5 of total amount saved
12656.28 * 5/12 = total amount saved
63281.40/12 = total amount saved
Total amount saved = $5273.45
Statement 2 is SUFFICIENT

Since each statement alone is SUFFICIENT,
Answer = D