An S&P 500 index linked CD matures in 3 years, with the face value the same as the current S&P 500 index price, $ 1350. Upon its maturity, the investor will be paid back the face value, plus 80% of the gain on the S&P 500 index. When the CD matures in 3 yearsand the S&P index goes down to $1300, who would be the total payoff from the CD?

Answer choices:

$1350

$1470

$1500

$1600