Liyanda, who is 65 years old, has just retired from his employment with a pension and a lump sum payment of P200,000·00. He is keen to invest his money, but has absolutely no knowledge of business or investment. He does not wish any great risk to be involved in his investment and he also would like to have ready access to cash if the need arises.Required:

(a) Explain the meaning, and suitability for Liyanda, of the following:(i) ordinary shares;(ii) preference shares;(iii) debentures secured by a fl oating charge;(iv) debentures secured by a fi xed charge. (6 marks)