European Call Option Valuation Using Binomial Model

ABC Corp is considering the issuance of a call option on its stock, which is currently priced at $50. The firm uses a binomial model to evaluate the option. In this model, on each time step, the stock can either move up by 20% or down by 10% over a one-year period. The risk-free rate is assumed to be 5% per annum. The company decides to calculate the value of a European call option that expires in 1 year with a strike price of $55. What is the calculated value of this option using the binomial model?