A firm invested $300,000 in equipment to produce smart chips. It pays $20 for raw materials and $20 for labor to produce one chip. It also plans to spend $50,000 during the first year for trade promotions and personal selling. Demand for chips is very limited as they are used only in a specific type of computers. The firm knows that it will be able to sell not more than 10,000 chips per year in the market. What price the firm should charge for a chip in order to break even at the end of the first year?