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Binomial Model The current price of a stock is $16. In 6 months, the price will be either $20 or $11. The annual risk-free rate

Binomial Model The current price of a stock is $16. In 6 months, the price will be either $20 or $11. The annual risk-free rate is 6%. Find the price of a call option on the stock that has an strike price of $15 and that expires in 6 months. (Hint: Use daily compounding.) Round your answer to the nearest cent. Assume a 365-day year. Do not round your intermediate calculations. $

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