Suppose that in the US dollar markets the current Sterling exchange rate is 1.5 (so that 100 costs $150). Consider a European call option that offers the holder the right to buy 100 for $150 at time T. The riskless borrowing rate in the UK is u and that in the US is r. Assuming a single period binary model in which the exchange rate at the expiry time is either 1.65 or 1.45, find the fair price of this option.