The Universal Computer Company uses a newly developed A$1$ chip in the manufacture of their tablet computers. The estimated annual demand for this chip is $12,000$ units. It is estimated that the cost to place an order is $$75,$ and the holding cost for each chip is $$20$ per year. The company operates $320$ days per year.

What are the total annual holding and ordering costs if the Universal Computer Company orders using the EOQ quantity?

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greater than $$7,000$

greater than $$5,000$ but less than or equal to $$7,000$

greater than $$3000$ but less than or equal to $$5,000$

less than or equal to $$3,000$