To be perfectly clear, you mean 3500 kbps = 437 kB/s, the capitalization of the B is important to separate bits (b) vs. bytes (B). The p vs. slash for 'per' sort of does the job but its still just a little ambiguous.
But your math is fine translating the ISP advertised speeds to those we actually deal with when downloading files. (Stupid shady advertising techniques, don't get me started on hard drive packaging using giga- as 1000 instead of 1024... or Microsoft Points being oh so close to 1 point per penny but not quite...)



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