If 1,000 is deposited in a certain bank account and remains in the account and any accumulated interest, I, earned by the deposit in the first n years is given by the formula I = 1,000((1 + r/100)^n - 1), where r percent is the annual interest rate paid by the band, 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 2 years
2) (1 + r/100)^2 > 1.15
1) The deposit earns a total of $210 in interest in the first 2 years
2) (1 + r/100)^2 > 1.15
