A quantitative analyst on a bank's corporate equity derivatives desk is pricing a 1-year barrier option on a stock. The option has a down-and-in feature specifying that the price in 6 months should be at or below CAD 52.50 for the call option to come into existence. The current price of the stock is CAD 55.00, the strike price of the option is CAD 50.00, the implied volatility of the stock is 12% and the risk-free rate is 1.40%. Using a two-step binomial tree approach, what is the price of the option?