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If you already know that $$V_0=V_\mathrm{max}\frac{[S]}{[S]+K_M}$$ you divide by $V_\mathrm{max}$ to get $$\frac{V_0}{V_\mathrm{max}} = \frac{[S]}{[S]+K_M}$$ Both sides of the equation tell you what fraction of active sites is occupied by substrate.


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