You have graduated, and are on the staff of the Assistant Treasurer of company CKS. (You are an assistant to the Assistant Treasurer.) Your boss, the Assistant Treasurer, recently attended a conference at which he heard that swaptions could be used to create synthetic callable debt from non-callable debt. He did not understand this, and wants you to explain it to him. Specifically, suppose that your company, CKS, issued a two-year non-callable fixed-rate note paying 6% per year, with interest to be paid semi-annually. (That is, the note pays 3% every six months). Your boss wants to know how to use swaptions to convert this to a synthetic callable bond that is callable after one year (at time 1). Please prepare a table of cash flows that shows how to use swaptions and perhaps other instruments to convert the non-callable bond into a synthetic callable bond. Please also briefly explain the various transactions.