Goldminers Inc. mines and refines ore and sells pure gold in the global market. To raise funds, it sells a derivative security whose payoff is as follows: - Part of the security is a zero-coupon bond (which is sold at a discount and makes no interest payments) that pays a principal of $1,000 at maturity T. - Goldminers also pays an additional amount that is indexed to gold's price (per ounce) at maturity S(T):

0 if S(T) <= $1,350

$30 [S(T) - 1,350] if $1,350 < S(T) <= $1,400

$1,500 if $1,400 < S(T)

Analyze this derivative as a combination of bond and put options.