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Percent of wake area reduction is NOT proportional to drag reduction. There's some plots of the difference here at ecomodder - somewhere.
You need to draw up some ideal and proposed boattails then compare that to a plot of drag vs. boattail truncation. Throwing random numbers out: 20% of an ideal boattail is worth a 50% reduction in drag (but only like a 10% reduction in area). Again the real numbers are here at ecomodder - somewhere.
(I'll search a little. See what pops up for me.)
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