 Solution

Reducing orbital inclination from exactly edge-on increases the impact parameter and shortens the chord, giving $t_{\mathrm{tr}}\propto \sqrt{1-b^2}$ in the small-planet, circular approximation. For a uniformly bright disk, a fully internal transit retains approximately the same exoplanet transit depth $(R_p/R_{\star }{)}^2$. Once grazing, the occulted area and exoplanet transit depth decrease; for $b>1+R_p/R_{\star }$ the exoplanet transit disappears. With limb darkening, a higher-$b$ path is also typically shallower before grazing.