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TPS61161: equation of the Dpwm(max) in analog dimming design tool

Part Number: TPS61161

Dear Specialists,

My customer is considering TPS61161 and has a question.

Could you please advise?

---question

According to the analog dimming design tool, description of Dpwm(max),  says Maximum PWM Duty Cycle (Usually 100*(N-1)/N where N is the number of bits of the PWM controller).

In this case, which is correct , 100 times (N-1)/N or 100 to the (N-1)/N (power)?

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I appreciate your great help in advance.

Best regards,

Shinichi