You are currently in period 0. Consider the binomial option pricing model when the stock price is permitted to progress two periods into the future. The current (period 0) stock price is $100. The stock price evolves by either rising 50% or dropping by 25% each period. The risk-free interest rate for each period is 10%. Assume that a European call is written on this stock with exercise price X = $120 and expiration date at the end of period 2