State graduate will bring in no money (4,6)

I believe the answer is:

mato grosso

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'money' is the definition.
Both the definition and answer are singular nouns.
Maybe they are linked in a way I don't understand?

'state graduate will bring in no' is the wordplay.
'state' becomes 'ma' (abbreviation for Massachusetts).
'graduate will' becomes 'to' (I can't justify this - if you can you should believe this answer much more).
'bring in' becomes 'gross' (to bring in as gross income).
'no' becomes 'O' (O resembles 0).
'ma'+'to'+'gross'+'o'='MATO GROSSO'

Can you help me to learn more?

(Other definitions for mato grosso that I've seen before include "Brazilian state" , "High plateau region of southwest Brazil" , "Region of SW Brazil" .)

I've seen this clue in The Times.

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