Consider a European call option on an on-dividend-paying stock where the stock price is $52, the strike price is $50, the risk-free rate is 5%, the volatility is 30%, and the time to maturity is one year. Answer the following questions assuming no recovery in the event of default, that the probability of default is independent of the option valuation, no collateral is posted, and no other transactions between the parties are outstanding.What is the value of the option, assuming no possibility of a default?