Please do not forget to give proper reasonings.

You are analyzing a new security that has been promoted as equity, with the following features: The dividend on the security is fixed in dollar terms for the life of the security, which is 20 years. . . The dividend is not tax-deductible. In the case of default, the holders of this security will receive cash only after all debt holders, secured, and unsecured, are paid. The holders of this security will have no voting rights. On the basis of the description of debt and equity, how would you classify this security? If you were asked to calculate the debt ratio for this firm, how would you categorize this security? . a. This security is clearly equity. We would include it with existing regular equity. b. This is a separate type of security; most similar to preferred equity. It would have to be counted as a separate financing category, as we normally do with preferred equity. C. This security is a hybrid (debt+equity) security. We'd have to separate it into debt and equity components, and add the respectively to exiting regular debt and equity. d. This security is clearly debt. We would include with existing regular debt. Give your reasons