Here is the description of an innovative security called "Resilience Notes Linked to the S&P 500 Index. Assume the Note has zero coupon and a five-year term. It provides a 0.9% for each 1% positive return if the level of the Reference Asset increases from the Initial Level (S) to the Final Level by more than 10%. If the Final Level is within plus or minus 10% of the Initial Level, investors will receive the principal amount. However, investors will lose 1% of the principal amount of the Notes for each 1% decrease from the Initial Level to the Final Level of more than 10%." (a) What are the embedded options and underlying assets in this structured Note? Write down the symbolic terminal payoff formula for a buyer of this note. (b) Draw the terminal payoff diagram for a buyer of the Note. (c) How can dealers selling this Note hedge their exposure? 15 points