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Preheat oven to 350 degrees, then lightly spray or line cupcake pans and set aside.
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Mix cake mix, oil, water, and eggs together with electric mixer for approximately 2 minutes.
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As best as you can, try to evenly divide the batter amongst six, small bowls.
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Using a toothpick, use small amounts of Wilton gel food coloring at a time until you achieve your desired color.
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This is the tricky part. Once all batters are colored to your liking, begin evenly distributing your batter among the prepared cupcake pans.
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Continue dividing the batter in the order you want your rainbow to appear.
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Bake for 15-18 minutes and allow to cool completely.
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While cupcakes are cooling, prepare the frosting by mixing all ingredients together using an electric mixer.
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Frost your cupcakes as desired and served. I used a Wilton 5 tip on the cupcakes in the front of the picture and a Wilton 1M tip on the back cupcakes.