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There are 8 bits in 1 byte, so a 1 Mb connection equates to, as pointed out, about 1024/8 = 128 KB/s (notice we use small b for bit and big B for byte). Downloading 1 MB (1024 KB) would thus take about 1024/128 = 8 s. Of course you rarely get the full speed as advertised, but it will certainly be quicker than 80 s to download a megabyte (that would equate to under 13 KB/s, for the record).
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