A stock price is currently trading at $50. Assume that the stock follows a one-step binomial model in which a time step is equal to half a year. The stock will either increase in value by 10% or fall in value by 5% in the binomial tree with actual probabilities of 60% and 40%, respectively. The annual effective risk-free interest rate is 4%. The stock pays no dividends. Find a fair (no-arbitrage) price of a European call option written on the stock with expiration in a half year and strike price of $50. a. 1.92$ b. 2.88$ c. 5.00$ d. 2.28$ e. None of the above