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The answer depends on the nature of the equation.

Mathematicians are still not able to solve the Navier-Stokes equations, for example. In fact there is a million dollar (US) prize if you can figure out a general solution. The equations are not simply mathematical contrivances to create a challenge: they deal with fluid flow and are used for studying the flow of liquids inside a pipe, or air-flow over a plane's wings and so on.

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