Explain how to synthetically create an equity linked CD

Explain how to synthetically create an equity linked CD by using a forward contract on the S&P index and a put option instead of a call option.
a. The index is 1300, the dividend yield is 1.5% continuously compounded, the riskless rate is 6% continuously compounded. The maturity is 5.5 years; the volatility is 30%. The participation rate for the CD is 70%.  The coupon rate for the CD is zero. After 5.5 years the payout of the CD is therefore: S0 + 0.7(max(S5.5-S0)). Value this CD
b. Provide the exact replicating position that involves put options and riskless bonds rather than call options.( Hint: Use put call parity but please do not ignore dividends)