υπερήφανος ή περήφανος

Question

Which form is correct, and why?

υπερήφανος or περήφανος ;

Answer 1

I believe the first means prosperous and the second means proud.

Ιάκοβος

Answer 2

Hello

υπερήφανος and περήφανος is the same word. (in περήφανος the υ dropped)

υπερήφανος is older form, therefore it is used in a more formal context.

The meanings of both words ( depending on the context) are:
1.proud
2.dignified
3.haughty, bumptious