A stock is currently trading at $100 and can either go up to $120 or down to $80 a year from today. Using the simple binomial model determine the premium for the European call option with strike price $110 that expires a year from today. The continuously compounding risk-free rate is 5%

Enter your answer to 2 decimal places eg if your answer is $5.3 enter as 5.30. If your answer is $5 enter as 5.00.