Which of the following statements regarding bonds are least accurate?

1.A bonds YTM is the return an investor will earn if they reinvest all coupon payments at the expected internal rate of return and hold till maturity.

2.A bonds YTM is the return an investor will earn if they reinvest all coupon payments at the then current market rates and hold till maturity.

3.A debenture is typically backed by an asset that the bond holder can repossess if the debt is not paid.

4.A general obligation bond is backed by the taxing authority of the issuing municipality.

a.1, 3 and 4

b.1, 2, and 3

c.2 and 3

d.None of the above, since all of the statements are true