Acceleration slowly stopped.

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Hello, and thanks for reading this! I am the proud owner of a 1998 Volvo V70 Wagon that broke down. The car would make a clunking sound up front, so I think it is in the engine area. The acceleration slowly stopped, until the point where it wouldn't accelerate at all, meaning the car wouldn't move. Then the car died. When I tried to start it, a puff of smoke came from under the hood. Please help or give advice!