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A time-dependent phenomenological model of $\Lambda$, viz. $\dot \Lambda\simH^3$ is selected to investigate the $\Lambda$-CDM cosmology. Time-dependentform of the equation of state parameter $\omega$ is derived and it has beenpossible to obtain the sought for flip of sign of the deceleration parameter q.Present age of the Universe, calculated for some specific values of theparameters agrees very well with the observational data.

$\Lambda$-CDM Universe: A Phenomenological Approach With Many Possibilities