An investor based in China is preparing to purchase a 1-year European-style currency option to buy USD. The spot exchange rate between the currencies is CNY 6.7355 per USD 1. The investor approaches a currency trader who prices the option using a two-step binomial tree. The following data is provided:

• Time to expiration of the option: 12 months

• Strike price of the option: CNY 6.8665 per USD 1

• Annual continuously compounded risk-free interest rate in China: 1.75%

• Annual continuously compounded risk-free interest rate in the US: 3.25%

• Factor for an upward move in the exchange rate: 1.0582

• Factor for a downward move in the exchange rate: 0.9450

Given the spot exchange rate, what is the value of the option to buy one unit of USD?