Michael Sparks is 40 years of age and quite a successful entrepreneur. He would like to retire at age 65 (25 years from now) and be able to withdraw $35,000 at the end of each month during retirement till he is 95 years of age (360 months) and he would like to bequeath $1 million to his alma mater Brockport when he turns 95. He is setting aside $700,000 to meet these goals. He will make no intermediate contributions to this account. What CAGR (compounded annual growth rate) will he need to meet his goals? Show all your work. (Hint: Draw a time line.).