A forward start call option gives its buyer ownership of the call in 6 months time. In 6months the call will be activated and its strike price will equal to 95% of the underlyingstock price at that time. The forward price of delivery of one share of the stock in 6months time is $20. A risk-free 6-month zero coupon bond is selling at 98%. The stockpays no dividend and its annualized volatility is 40%. Using the Black-Scholes model,what is the price of the forward start call today?