Which describes private IPv4 addressing?

Private IPv4 addresses are reserved for use within private networks and are not globally routable on the internet. This means they do not require global registration or tracking by organizations like IANA. Devices within a private network can use these addresses, and a Network Address Translation (NAT) device translates them to public IP addresses when communicating with the internet. The option "Composed of up to 65,536 available addresses" is incorrect because private address ranges (e.g., 10.0.0.0/8, 172.16.0.0/12, 192.168.0.0/16) offer significantly more or fewer addresses depending on the specific block, and none are limited to exactly 65,536. "Assigned by IANA together with an ASN" is incorrect; IANA assigns public IP address blocks and ASNs, not private IP addresses. "Can traverse the Internet if an outbound ACL is applied" is incorrect because private IP addresses are inherently non-routable on the public internet, regardless of ACLs; NAT is required for internet access.