Chemical ‘x' is regulated by EPA and the maximum allowable concentration in water is 10g/L. 1000 kg of chemical ‘x' is released in a lake (volume 1,000 m3) where it undergoes degradation as a first order reaction process with degradation constant of k=0.001 yr-1. How much time will it take for the chemical to reach concentration below EPA allowable level? Also calculate the half-life of the chemical.