Sean would like to begin planning for retirement. He has received as of his 60th birthday $175,000 from his grand parent

[answerhappygod]

Sean would like to begin planning for retirement. He has
received as of his 60th birthday $175,000 from his grand parents,
which he plans to deposit in a bank account. Sean is also willing
to begin saving $5,000 on his 61st birthday, and increase that
amount by 7% every year. He would like to avail $75,000 on his 70th
birthday and keep getting an amount greater than that by 12.5%
every year till his 75th birthday. What rate should his bank
account earn for him to be able to do this?