A stock price is currently $20. It is known that at the end of one month that the stock price will either increase to 24 or decrease to 18. The risk-free interest rate is 12% per annum with continuous compounding. The hedge portfolio is a long position in shares of stock plus one short European call option with a strike price of $16 and expiration in 1 month. Using the no-arbitrage method, what is the present value of this hedge portfolio at time 0?