Sanofi (SNY) stock, a French pharmaceutical company is currently trading at $50 per share. It is known that at the end of six months it will be either $60 or $42. The risk-free rate of interest with continuous compounding is 12% per annum. SNY stock does not pay any cash dividends. Using the riskless (hedged) portfolio method with a no-arbitrage argument, calculate the value of a six-month European call option on SNY stock with an exercise price of $48.