= Solution
Reducing <orbital inclination> from exactly edge-on increases the <impact parameter> and shortens the chord, giving $t_{\rm tr}\propto\sqrt{1-b^2}$ 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.
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