Time = (t*r *F*n)/(J*M)
Seems OK, just remember to use copper density and copper molar mass. You will also need to convert everything to the same units - you can't use μm and cm
3 in the same equation without using some conversion factor. Use meters or cm in all places (surface, thickness and density).
if so doesnt rate of deposition depend on conc. of electrolyte
No, it depends only on the charge transferred. That's assuming 100% efficiency, as long as you use correct bath and correct voltage (whatever it means in your case) there should be no side reactions and 100% efficiency is a good approximation.
Edit: note that if the concentration of electryte is low you will be not able to reach high current densities, so in a way rate of deposition depends on the concentration - but amount of deposited metal is always directly proportional to charge transferred, that's the base of all electroplating - Faraday's law.
it means that deposition of 4.6436g of Cu will take place in 40s . Is it so fast
Check units, at 100 mA you will need around 40 hours to deposit this mass of copper.