A company is conducting a biochemical experiment for the next 12 months. In the first month, the expenses are estimated to be $30,000. As the experiment progresses, the expenses are expected to increase by 5 percent each month. The company plans to pay for the experiment with a government grant, which is received in six monthly installments, starting a month after the experiment after the experiment completion date. Determine the amount of monthly installment so that the total the total of the six installments pays for all expenses incurred during the experiment. Annual nominal interest rate is 12 percent, compounded monthly.