Where to install my
ladder?
I have this type of
ladder but this is not exactly it. I can’t find my exact one.

My boat is a 1978 challenger 7.4 that is about 25.5 ft long. Here are the specks.
Challenger 7.4 - Used Sailboat Market in Canada
This is a picture of my boat.

I know how to install the
ladder bolt it to a backing plate etc but what I can’t decide on is where to attach it.
The
ladder is a five rung
ladder. If I attach it the top of the transom with the bracket connected like the Stanchion I can fold and lift the
ladder up so it can be ties to the lifelines and completely off the transom. But if I do that the bottom rung is completely under water and the next up in level with the water. Will this be enough for someone to climb on after swimming without struggling a lot?
My other thought is to bolt it on so when the bottom part is folded up and the boat is still it is just above the water. When the bottom is rungs are swing down two rungs are completely submerged with the third on the surface. But with this configuration I can swivel the latter up to be parallel the lifelines on the back. So other than the lower folding point when moving if the boat sites deeper men moving or heals it may be in the water? I haven’t looked at the transom and where the water is when under way.
So my question is what would be best. What do most people do who have this type of
ladder?