(3 points) TD Canada Trust currently offers a "Market Growth" Guaranteed Investment Certificate (GIC). This GIC has a 3-year term, and provides the following returns: The minimum return is 2% (Note that this is 2% per 3 years, not 2% p.a.). The return is linked to the performance of the S&P/TSX60 index over the 3- year term, with the maximum return of 15% (per 3 years). Suppose that the current level of the S&P/TSX60 index is 1,200. Please describe how you would replicate the payoff of this GIC (assuming an initial investment of $100). (3 points) TD Canada Trust currently offers a "Market Growth" Guaranteed Investment Certificate (GIC). This GIC has a 3-year term, and provides the following returns: The minimum return is 2% (Note that this is 2% per 3 years, not 2% p.a.). The return is linked to the performance of the S&P/TSX60 index over the 3- year term, with the maximum return of 15% (per 3 years). Suppose that the current level of the S&P/TSX60 index is 1,200. Please describe how you would replicate the payoff of this GIC (assuming an initial investment of $100)