
Apply Bernouli equation between points 1&2
$\begin{aligned}
& P_1+\frac{1}{2} \rho v_1^2+\rho g h=P_2+\frac{1}{2} \rho v_2^2+0 \
& P_0+\frac{\mathrm{mg}}{\mathrm{~A}}+\rho g \frac{70}{100}=P_0+\frac{1}{2} \rho v_2^2 \
& \frac{5000}{0.5}+10^3 \times 10 \frac{70}{100}=\frac{1}{2} \times 10^3 v_2^2
\end{aligned}$
$\begin{aligned}
& 10^3+10^3 \times 7=\frac{10^3}{2} \mathrm{v}_2^2 \
& \mathrm{v}_2^2=16 \
& \mathrm{v}_2=4 \mathrm{~m} / \mathrm{s}
\end{aligned}$
As the tank area is large v1 is negligible compared to v2