The current price of a stock is $20. In 1 year, the price will be either $25 or $15. The annual risk-free rate is 5%. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Find the price of a call option on the stock that has a strike price of $24 and that expires in 1 year. (Hint: Use daily compounding.) Assume a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent.