A 5.5-year bank CD promises to repay initial invested amount plus 70% of the gain in S&P 500 index. Assume $1M is invested when S&P 500 = 1300. What is the final payoff formulation? Sketch the payoff vs. S&P 500 index value. Evaluate your solution to be equivalent to purchasing a ZC + N call option contracts. Determine N, the call option number of contracts, contract premium & strike price. Assume r=6%.