diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 257488dfc38..650411c3aad 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -849,14 +849,10 @@ class Asset(AccountsController):
 			if args.get("rate_of_depreciation") and on_validate:
 				return args.get("rate_of_depreciation")
 
-			no_of_years = (
-				flt(args.get("total_number_of_depreciations") * flt(args.get("frequency_of_depreciation")))
-				/ 12
-			)
 			value = flt(args.get("expected_value_after_useful_life")) / flt(self.gross_purchase_amount)
 
 			# square root of flt(salvage_value) / flt(asset_cost)
-			depreciation_rate = math.pow(value, 1.0 / flt(no_of_years, 2))
+			depreciation_rate = math.pow(value, 1.0 / flt(args.get("total_number_of_depreciations"), 2))
 
 			return 100 * (1 - flt(depreciation_rate, float_precision))