You are bullish on the prospects of ABC share price rising. There are two speculative strategies that you are considering.

• Under the first strategy, you would purchase 100 ABC shares at the spot price of $9.9.
• Under the second strategy, you would enter long European call options covering 1,000 ABC shares. The option has a strike price of $18 and can be purchased for a premium of $0.99 per share.

How high must ABC share price rise for the second strategy to become at least as profitable as the first? That is, at what share price do the two strategies provide the same profit?

Enter your answer to 2 decimal places.