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 is the cycle length $($time between orders$)$ when orders are placed using the EOQ quantity?

less than $4$ days

greater than $4$ days but less than or equal to $7$ days

greater than $7$ days but less than or equal to $10$ days

greater than $10$ days