Mixing colours

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I have to use the bellow formula to generate #E5E5E5 colour.

$border_color = {{settings.background | color_mix: settings.text_color, 85}}

The above formula blends two colours and the result is #d9dcdf

I found out that 

{{settings.background}} is #ffffff
and
{{settings.text_color}} is #04162c
But still not sure, what does 85 mean in that formula.
 
Can anyone help me with this?
What number should I use instead of 85 in the above formula to generate #E5E5E5 colour?
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