When light enters a different medium, its wavelength changes according to the refractive index of the new medium. The relationship between the wavelength in air (\( \lambda_{\text{air}} \)) and the wavelength in a medium (\( \lambda_{\text{medium}} \)) is given by:
\[
\lambda_{\text{medium}} = \frac{\lambda_{\text{air}}}{n}
\]
Where:
- \( \lambda_{\text{air}} = 720 \, \text{nm} \) is the wavelength of light in air,
- \( n = \frac{4}{3} \) is the refractive index of water.
Substitute the known values:
\[
\lambda_{\text{water}} = \frac{720}{\frac{4}{3}} = 720 \times \frac{3}{4} = 540 \, \text{nm}
\]
Thus, the wavelength of the light in water is \( 540 \, \text{nm} \).