Suppose that you invest $ 50,000 into a downpayment on a $ 250,000 house, which has a price appreciation of 3% per year. Your mortgage is fixed at $ 36,000 per year, and your tenants pay you $ 24,000 per year. Property taxes, maintenance, and other expenses cost $ 5,000 per year. Suppose that after 25 years, you sell your property.

Would it have been better to invest $ 50,000 in the stock market, assuming it has returns of 9% per year over the same time period (25 years)? Why? Show your calculations and justify your answer. For the purposes of this question, suppose that inflation is zero.