Consider an option on a non-dividend-paying stock when the stock price is $30, the exercise price is $29, the risk-free interest rate is 5% per annum, the volatility is 25% per annum, and the time to maturity is four months. Use 2-, 3-, 4- and 5-step binomial option pricing models (BOPM).

What is the price of the option if it is a European call?