The interest rate is 2% per year. The stock price of ILW is currently $88 and it pays no dividends, The stock price a year from now will either be $100 or $68. You sell your client a call option on ILW with a strike price of $92 and an expiration date 1 year from now. What is the hedge ratio of this call option?

(a) 0.21

(b) 0.28

(c) 0.37

(d) 0.57

(e) None of the above