An investor has $50,000 to invest in the financial market for one year. The investor can purchase a $50,000 U.S. Treasury bond, which pays interest at 8% compounded quarterly, and sell it after one year. The interest earned from the Treasury bond is nontaxable income. There is a $150 transaction fee for either buying or selling the bond. Alternatively, the investor can buy 1,000 shares of a stock at $50 per share which will be sold after one year. There is a brokerage fee of $100 for either buying or selling stocks at this size. The stock might have three levels of return: a high level with a 50% return, a medium level with a 10% return, and a low level with a 30% loss. No stock dividend is paid. Long-term capital gains less brokerage fees are taxed at 20%. Any loss can reduce capital gain taxes on other assets. The investor’s MARR is 5% per year after taxes. Suppose the stock might have a 30% chance of high return, 50% chance of a medium return, and a 20% change of low return. Should the investor purchase the bond or stock based on EMV?