Precision Engineering Factory Ltd consumes 50,000 units of a component per year. The ordering, receiving and handling cost are ₹3 per order while the trucking costs are ₹12 per order. Further details are as follows: deterioration and obsolescence cost, ₹0.004 per unit per year; storage cost, ₹1,000 per year for 50,000 units. Interest cost is ₹0.06 per unit per year. Calculate the economic order quantity.