A bank currently offers a "Market Growth" deposit note. This note 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 note (assuming an initial investment of $100).