Valuing a European Call Option Using Binomial Model

A trader is using a two-period binomial model to value a European call option on a stock currently priced at $50. The stock price can either increase to $60 or decrease to $40 in the first period. If the stock increases in price, it can subsequently rise to $72 or decrease to $48 in the second period. The risk-free rate is 5% per period. Calculate the value of the call option using this binomial model. Assume the exercise price of the call option is $55.