3. You are the project manager for an information technology division of a large financial services firm in the United States. Your company offers a web based trading platform that provides options and futures trading for U.S commodities markets. Due to the rise in popularity of futures and options trading, your company has grown rapidly. To keep up with the demands you have been assigned with the responsibility of upgrading company’s network and computing infrastructure. You planned to purchase a new high-end mainframe server. The new server will cost $250,000 and can be used for 10 years. After 2 years the resale value of mainframes will be 100,000. After 5 years the resale value of server will be 50,000. After 7 years the resale value of server will be 20,000. After 10 years, the server will be obsolete. What is the annual depreciation expense for this server if you use straight-line depreciation?