A stock expects to pay a year$-$end dividend of $$2\mathrm{.}00$ a share $($i$.$e$.,$ D$1=$$$2\mathrm{.}00$; assume that last year's dividend has already been paid$).$ The dividend is expected to fall $5$ percent a year, forever $($i$.$e$.,g=-5\%).$ The company's required rate of return is $15$ percent. Which of the following statements is most correct?

Subordinated debt has less default risk than senior debt.

Junk bonds typically provide a lower yield to maturity than investment$-$grade bonds.

A debenture is a secured bond that is backed by some or all of the firm's fixed assets

Junior debt is debt that has been more recently issued, and in bankruptcy it is paid off after senior debt because the senior debt was issued first

None of the above.