As a portfolio manager, you are evaluating the potential position of a European call option with a strike price of $50 on a stock currently trading at $55. The time to expiration is six months, and the risk-free interest rate is 3%. You recognize the importance of understanding how changes in the underlying asset's price will affect the option's price, as well as the sensitivity of the option's price to changes in volatility. Using the Greeks, particularly Delta and Vega, you aim to assess your risk exposure to price movements and volatility.
Your financial analyst provides you with the following values: the Delta of the option is 0.65, and the Vega is 0.20. Considering the current market conditions and your analysis, what can you determine about how the Delta and Vega will impact the option's price if the stock price rises by $1 and if the implied volatility increases by 1%?