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Can anyone please help me on how evalution development studio 2020.1 work s and which compiler is needed and how it can be setup?

I have tried installing the 30 day evaluation license for development studio 2020.1. The compiler that I have used is ARM compiler 5.06 update 6 (750).

While verifying the tool chain I am receiving an error as follows

Error: C9580E: CT.Compiler5 is not available with the current toolkit and license. Check that ARM_TOOL_VARIANT is set correctly.
Information about this error is available at: ds.arm.com/.../lic81
 General licensing information is available at: ds.arm.com/.../
 If you need further help, provide this complete error report to your supplier or license.support@arm.com.
 - ARMLMD_LICENSE_FILE: '/home/inforce/.arm/ds/licenses/DS000-EV-31030.lic'
 - LM_LICENSE_FILE: unset
 - ARM_TOOL_VARIANT: unset
 - ARM_PRODUCT_PATH: unset
 - Product location: /opt/arm/developmentstudio-2020.1/sw/mappings
 - Toolchain location: /home/inforce/ARM_Compiler_5.06u6/bin
 - Selected tool variant: product
Product: Arm Development Studio Evaluation 2020.1
Component: ARM Compiler 5.06 update 6 (build 750)
Tool: armcc [4d3637]
Can anyone tell me why such and error is coming? While using a different compiler version it is seen that the License doesnt support it. Please help me resolve this issue.
Regards
Priyanka Sera