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The price of Chive Corporation stock will be either $ 8 5 or $ 1 1 7 at the end of the year. Call options

The price of Chive Corporation stock will be either $85 or $117 at the end of the year. Call options are available with one year to expiration. T-bills currently yield 3 percent.
a. Suppose the current price of the company's stock is $95. What is the value of the call option if the exercise price is $80 per share? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
b. Suppose the exercise price is $110 and the current price of the company's stock is $95. What is the value of the call option now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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