So the concentration of the enzyme substrate complex is equal to the product of these two concentrations divided by the Mikaela's constant. Now, what was the entire point of getting equation two? Well, the point was to take equation one and replace the enzyme substrate concentration in terms of these quantities, where now we have the Km term and we'll see why the Km term will become important in just a moment. So now we substitute two into one. We replace the concentration of Es with this entire ratio and this is basically what we are left with. So V Naught, the velocity of that enzyme, the rate at which the enzyme catalyzes is equal to K capped, divided by Km multiplied by the concentration of the enzyme multiplied by the concentration of the substrate.