The stock of Kingbird is currently trading for $40 and will either rise to $48 or fall to $32 in one month. The risk-free rate for one month is 1.5 percent. What is the value of a one-month call option with a strike price of $40? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)

Value of a call option is $enter the dollar value of the call option rounded to 2 decimal places .