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How many formula fields we can create for an object?

I need to create 40 formula fields for an object is there any govarnor limits

bob_buzzardbob_buzzard

There is no specific governor limit for formula fields, but if you are retrieving a lot of them in a SOQL query you may hit limits.  The max size of a SOQL query is 10,000 characters, but if formula fields are involved these are automatically expanded up in the query so you might breach that unexpectedly.