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Bit Rate vs. Baud Rate

I have a communications specification of 2Mbps.  My packet is 8-bit, 1 start bit, 1 stop bit, and 1 parity bit.


I am a bit confused by the bit vs baud.  Here is what I understand, not sure if this is correct.  Baud rate is the number of characters/ second.  In my case a character is 11-bits long.

So for me to calculate the baud rate, I would divide 2Mbps by 11 bits/character.  So I would get a baud rate of ~182k baud.  Is this correct??

So if my LSPCLK is 12.5MHz, I would set my BRR to 7 ???

BRR = [ LSPCLK / (Baud Rate * 8) ] -1 = 7

Thanks


Elmer