Data: S₀ = 120; X = 126; 1 + r = 1.05. The two possibilities for S_T are 150 and 102. The range of S is 48, while that of C is 24 across the two states. The hedge ratio is 0.5.

Calculate the value of a call option on the stock with an exercise price of $126. (Do not use continuous compounding to calculate the present value of X in this example because we are using a two-state model here, not a continuous-time Black-Scholes model.)