If $1,000 is deposited in a certain bank account and remains in the account along with any accumulated interest, the dollar amount of interest, I , earned by the deposit in the first n years is given by the formula $$I = 1000[(1+\frac{r}{100})^n-1]$$, where r percent is the annual interest rate paid by the bank. Is the annual interest rate paid by the bank greater than 8 percent?
(1) The deposit earns a total of $210 in interest in the first two years.
(2) $$(1+\frac{r}{100})^2>1.15$$