Both are, but the one you use depends on where the pronoun is in the sentence.
For instance, "My friend and I went to the store." is correct because both are the subjects. You can do a quick check by saying "[I/me] went to the store."
"Me went to the store." isn't correct, so "I" is the pronoun to use.
"She gave the books to my friend and me." is correct because both are the object of a sentence. Again, you can do a quick check by saying "She gave the books to [I/me]."
"She gave the books to I." isn't correct, so "me" is the pronoun to use here.
Ooohh! I love grammar! Well, there is actually a difference between both pronouns, and that is their use in the sentence.
'I' is used only in sentences wherein you are the subject. For example: "I was walking down the street."
'Me' can only be used when you are the object of the sentence. For example: 'She gave the books to me.'
Another hint is that 'I' is usually at the beginning of most sentences and 'me' is usually at the end. I say mostly 'cause there are people who just interchanges the whole sentence! Anyways, those are rare cases, so don't worry
I hope that answers your question!
Your pal, Al
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