Concept:A debenture is a loan certificate issued by a company, and its holder is a creditor of the company.Explanation:A debenture holder lends money to the company.In return, the company pays a fixed rate of interest at regular intervals.This interest is paid whether or not the company makes a profit.It is not dependent on the company’s earnings.Therefore, the debenture holder earns a fixed interest.Answer:C. fixed interest.