***This is from Investment and Financial Mathematics (IFM) course for Actuaries. Please give handwritten solution with ALL steps shown plus with description because I need to understand the process. I will give "thumbs-up" for clear and correct solution. Thanks in advance!***

Future prices of a stock are modelled by a 3-period binomial tree, with each period being 4 months. (i) The tree is constructed based on forward prices. (ii) The stock price is 50. (iii) The annual continuously compounded risk-free rate is 0.03. (iv) The stock pays dividends proportional to its price at a continuous rate of 0.06 per year. (v) o = 0.3. A European call option on the stock expiring in one year has strike price 60. Determine the price of the call option. (Answer: 1.996681)