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