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In Easing functions why does 1.70158 equal a 10% "bounce"?

I’ve been looking at a lot of easing functions and in the “easeOutBack” function, I noticed everyone uses the overshoot value of 1.70158. I read somewhere that this results in a 10% overshoot. Why is that? What does 1.70158 mean?

Thanks! (I realize this is a bit of a math question but still curious)

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