The Universal Computer Company uses a newly developed A1 chip in the manufacturer 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 annual inventory holding cost if the Universal Computer Company orders using the EOQ​ quantity?