Ralph has $1,000 in an account that pays 10 percent per year. Ralph wants to give this money to his favorite charity by making three equal donations at the end of the next 3 years. Which of the following formulas show how much Ralph will give to the charity each year?
a. 1000/3
b. 1000/3 * 1.10
c. 1000/3 + (1000/3 * 0.10)
d. 1000 * 0.10