The current price of a non-dividend-paying stock is $59.98 and you expect the stock price to either go up by a factor of 1.473 or down by a factor of 0.679 over the next 0.6 years.

A European call option on the stock has a strike price of $60 and expires in 0.6 years. The risk-free rate is 4% (annual, continuously compounded).

1. What is the option exercise value if the stock price goes up?

2. What is the risk-neutral probability of an up movement?

3. What is the value of the option?