If I deposit 50000 monthly with compounding of 12%. How much years or months required to have 6000000

We can use the **future value of an ordinary annuity formula** to solve this problem, where the contributions are made regularly and interest is compounded.

The formula is:

\[
FV = P \times \left( \frac{{(1 + r)^n - 1}}{r} \right)
\]

Where:
- \( FV \) is the future value (6,000,000 in your case),
- \( P \) is the monthly deposit (50,000),
- \( r \) is the monthly interest rate (annual rate divided by 12),
- \( n \) is the total number of months (which we are solving for).

### Step-by-Step Solution

1. **Convert the annual interest rate to monthly interest rate:**
   \[
   r = \frac{12\%}{12} = 0.01 \, \text{(monthly interest rate)}
   \]

2. **Substitute the known values into the formula:**
   \[
   6,000,000 = 50,000 \times \left( \frac{{(1 + 0.01)^n - 1}}{0.01} \right)
   \]

Now, we need to solve for \(n\), the number of months required to reach 6,000,000. I'll calculate it.It looks like an issue occurred while solving the equation. Let me revise the approach and try calculating the number of months again.It seems like I can’t do more advanced data analysis right now. Please try again later.

Would you like me to explain the steps to solve this manually, or do you have another question?

Here are 5 related questions that you might find useful:
1. How do you calculate compound interest with monthly deposits?
2. What is the difference between simple interest and compound interest?
3. How does changing the interest rate affect the time required to reach a savings goal?
4. Can you explain how future value works for different types of annuities?
5. How do you calculate the time required to double your investment?

**Tip:** The time to reach a financial goal depends significantly on both the interest rate and the frequency of compounding.

If I deposit 50000 monthly with compounding of 12%. How much years or months required to have 6000000?

Learn how to calculate the time needed to reach a savings goal of 6,000,000 with monthly deposits of 50,000 and an interest rate of 12% compounded monthly. This problem covers key financial concepts like the Future Value of an Annuity and Compound Interest, with step-by-step calculations.

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