The price of Ervin Corp. stock will either be $64 or $81 at the end of the year. Call options are available with one year until expiration. Continuously compounded T-bills currently yield 4.28 %. Suppose the current price of Ervin stock is $77.

What is the value of the call option, using the risk-free approach, if the strike price is $75 per share? (Round answer to 2 decimal places. Do not round intermediate calculations).