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A man wants to have P500, 000 to pay for the downpayment of a new house. In order to have this money, he sets up

A man wants to have P500, 000 to pay for the downpayment of a new house. In order to have this money, he sets up a fund earning 12% compounded monthly and deposits P50, 000 at the end of each month for as long as necessary. When is the earliest time will he have at least P500, 000 in the fund?

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