A derivatives dealer actively trades options on various underlying assets with its clients. The firm wants to apply the Black-Scholes-Merton (BSM) model to price a call option on a futures contract. Relevant data is provided below:

• Current futures price: EUR 63

• Strike price of the option: EUR 68

• Time to expiration of the option: 6 months

• Time to maturity of the underlying futures contract: 18 months

• Continuously compounded annual risk-free interest rate: 3%

• N(d₁): 0.4678

• N(d₂): 0.3449

Which of the following is closest to the value of this option estimated using the BSM model?