1. Define the variables. Is X time and Y absorbance?
2. Realize that your equation can't be valid completely - only over a limited range of conversion. Otherwise, you would predict that you never actually fully dissolve. Additionally, realize that conversion isn't a variable in the equation if you plotted absorbance versus time.
3. Check out on Google some methods to derive approximation answers from dissolution experiments. They are probably done quite often in the pharmaceutical business. Any pharmaceutical chemists out there?