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The Thirty Meter Telescope (TMT), a giant observatory that astronomers hope to build by the end of this decade, is expected to cost at least $1 billion. So a grant of $1.25 million may seem miniscule. Nonetheless, the backers of TMT are viewing a new 5-year, $250,000-per-year grant from the National Science Foundation (NSF) as a significant milestone.
http://news.sciencemag.org/scienceinsider/2013/03/thirty-meter-telescope-gets-smal.html
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