The current price of Kinston Corporation stock is $10. In each of the next two years, this stock price can either go up by $3.00 or go down by $2.00. Kinston stock pays no dividends. The one year risk-free interest rate is 5% and will remain constant.

Using the binomial pricing model, calculate the price of a two-year call option on Kinston stock with a strike price of $9.