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?

Group of answer choices

7.59%

8.02%

8.33%

8.67%