2. A new Equity-Linked Note developed by a bank guarantees that investors will receive a return during a 6 -month period that is the greater of (a) zero or (b) 40% of the return of the S\&P500 market index. A) Describe the payoff of this instrument in terms of the S\&P500 index underlying, any options on it and riskless bonds? B) Currently the risk-free rate is at 8% per annum, the dividend yield on the S\&P500 index is 3% per annum, and the volatility of the index is 25% per annum. Is the product a "fair" deal for the investor