To solve this problem, we need to understand the motion of a particle moving with uniform speed in a circular path.$\\$• When a particle moves in a circular path with uniform speed, its speed (magnitude of velocity) remains constant,$\\$ but its direction changes continuously. This means the velocity is not constant because velocity is a vector quantity$\\$ that depends on both magnitude and direction.$\\$• Since the direction of velocity is changing, the particle experiences an acceleration. This acceleration is called$\\$ centripetal acceleration, which always points towards the center of the circle.$\\$• The magnitude of centripetal acceleration is given by $a_c = \frac{v^2}{r},$ where $v$ is the speed and $r$ is the radius of the circle.$\\$• Since the speed is constant, the magnitude of the centripetal acceleration is also constant. However, because the direction$\\$ of the velocity vector is changing, the direction of the acceleration vector is also changing continuously.$\\$Therefore, the particle has varying velocity and varying acceleration.$\\$This corresponds to Option 2: Varying velocity and varying acceleration.