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An endowment fund of $ 5 , 0 0 0 , 0 0 0 is to pay out grants for medical research. The grants are

An endowment fund of $

5, 000, 000

is to pay out grants for medical research. The grants are to be paid once per month and the first one is to be paid today. The fund will earn interest at

11 %

compounded semiannually. What is the size of the monthly grants?

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