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When a boat is floating on a lake, the buoyant force on the boat is equal to:

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The buoyant force on a floating object is equal to the object's weight.

So the vertical forces on the object are balanced. That's a big part
of the reason why it's just sitting there and not accelerating up or down.
User ThomasThiebaud
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the gravitational pull of the boat in the water 
User Ivan Hristov
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