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One share of Mac Inc. is currently trading at $ 4 8 per share. In one year, the price is expected either ( 1 )

One share of Mac Inc. is currently trading at $48 per share. In one year, the price is expected either (1) rise to $65 or (2) fall to $40. You are interested in purchasing a call option on Mac, Inc. The option has a strike price of $57 and expires in 1 year. The current risk-free rate for the year is 3%.Based on binomial options pricing (as shown in class), what is a fair price for this option?Answer to the nearest cent.

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