Billy and Mandy Jones have $35,000 to invest. On average, they do not make any investment that wil not return at leat 7% per year. They have been approached with an investment opportuniy that requires $35,000 upfront and has a payout of $8,000 at the end of each of the next 5 years.

Using the internal rate of return (IRR) method and their requirements, determine whether Billy and Mandy should undertake the investment.