US-EGMO-TST 2020 Problem 3

Choose positive integers $b_1, b_2, \dotsc$ satisfying $$1=\frac{b_1}{1^2} > \frac{b_2}{2^2} > \frac{b_3}{3^2} > \frac{b_4}{4^2} > \dotsb$$ and let $r$ denote the largest real number satisfying $\tfrac{b_n}{n^2} \geq r$ for all positive integers $n$. What are the possible values of $r$ across all possible choices of the sequence $(b_n)$?

Carl Schildkraut and Milan Haiman