Assuming the asset pool was closed when the network file server became obsolete, redo Self-Test Problem 22.1. 

Data in Self-Test Problem 22.1.

Your company wants to purchase a new network file server for its wide-area computer network. The server costs $24,000. It will be obsolete in three years. Your options are to borrow the money at 10% or lease the machine. If you lease it, the payments will be $9,000 per year, payable at the beginning of each year. If you buy the server, you can apply a CCA rate of 30% per year. The tax rate is 40%. Assuming the asset pool remains open, should you lease or buy?