Yield to maturity is

(1) an interest rate that equates the present value of all cash flows received from a debt instrument with its value today.

(2) the return of lending, from a creditor point of view.

(3) the cost of lending, from a debtor point of view.

a.

(1) and (2) only

b.

(1), (2) and (3)

c.

(2) and (3) only

d.

(1) and (3) only