The price of Ervin Corp. stock will either be $64 or $90 at the end of the year. Call options are available with one year until expiration.Continuously compoundedT-bills currently yield 3.7 %. Suppose the current price of Ervin stock is $78.

What is the value ofthe call option, using therisk-free approach, if the strike price is $55 per share? (Round answer to 2 decimal places. Do not round intermediate calculations).