Question $12(2\mathrm{.}5$ points$)$

Which of the following statements regarding bonds are least accurate?

A bond's YTM is the return an investor will earn if they reinvest all coupon payments at the expected return and hold till maturity.

$2$ A bond"$\text{'}$ YTM is the return an investor will earn if they reinvest ali coupon payments at the then current return and hold till maturity.

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

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

A GNMA bond is an unsecured bond backed by the U$.$S$.$ government.

$1\mathrm{.}3$ and $5.$

$2\mathrm{.}3$ and $5.$

$1,3$ and $4.$

$2$ and $3$ only.