The current price of a non-dividend-paying stock is $39.05 and you expect the stock price to either go up by a factor of 1.303 or down by a factor of 0.786 each period for 2 periods over the next 0.8 years. Each period is 0.4 years long.

A European call option on the stock expires in 0.8 years. Its strike price is $39. The risk-free rate is 3% (annual, continuously compounded).

What is the option payoff in 0.8 years if the stock price has gone up twice in a row?

What is the value of the option in 0.4 years if the stock price has gone up once?

What is the value of the option in 0.4 years if the stock price has gone down once?

What is the current value of the option?