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.

How many times per year must the Universal Computer Company order the A$1$ chip when orders are placed using the EOQ quantity?

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less than $20$ times per year

greater than $20$ times but less than or equal to $30$ times per year

greater than $30$ times but less than or equal to $40$ times per year

greater than $40$ times per year