Check My Work 5-2: The Single-Period Binomial Option Pricing Approach Problem 5-7 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 4%. Find the price of a call option on the stock that has a strike price of $15 and that expires in 6 months. (Hint: Use dally compounding.) Round your answer to the nearest cent. Assume a 365-day year. Do not round your intermediate calculations. 3.99