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A floating boat displaces its weight in water.
The material of the boat hull may be denser than water, but if this is the case then it forms only the outer layer.
If the boat floats, the mass of the boat ( plus contents ) as a whole divided by the volume below the waterline is equal to the density of water ( 1 kg / l ).
If weight is added to the boat, the volume below the waterline will increase to keep the weight balance equal, and so the boat sinks a little to compensate.

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