For a forward-start at-the-money call, the value today is the current value of the corresponding ATM call with the same remaining term, discounted by the dividend yield over the start period.

A useful shortcut here is:

$V_0 = e^{-qT_1} C_{1}$

where:

• $q = 5\%$ is the continuous dividend yield,
• $T_1 = 1$ year,
• $C_1 = 15.05$ is the one-year ATM European call price today.

So:

$V_0 = e^{-0.05} \times 15.05 \approx 0.95123 \times 15.05 \approx 14.32$

Thus the nearest answer is B.

Why this works

The forward-start ATM call begins in one year, and at the start date its strike is set to the then-current stock price. Under standard lognormal assumptions, the option’s value scales with the stock and the initial price is the one-year ATM call price adjusted for dividends over the waiting period.