The correct scenario involves renting virtual machines and storage from a cloud provider, which is a characteristic example of IaaS. IaaS provides virtualized computing resources over the internet, enabling users to run and manage applications without managing the physical cloud infrastructure. The other options, while related to cloud services, do not accurately depict the IaaS model. SaaS provides software applications over the internet, PaaS provides platforms to create software that are managed by third-party providers, and private clouds are about deployment models, not service models like IaaS.
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