Valuing a European Call Option Using a Binomial Model

In an effort to value a European call option using a binomial model, an investor applies a one-period binomial tree where the underlying stock's price is currently $50. In the next period, the stock can either go up to $60 (with a probability of 0.5) or down to $40 (with a probability of 0.5). The exercise price of the call option is $55. The risk-free rate for the period is 5%.

What is the value of the call option at the current time using this binomial model?