When light passes into a new medium, its wavelength is altered based on the refractive index of that medium. The formula relating the wavelength in air (\( \lambda_{\text{air}} \)) to the wavelength in a medium (\( \lambda_{\text{medium}} \)) is:
\[
\lambda_{\text{medium}} = \frac{\lambda_{\text{air}}}{n}
\]
In this equation:
- \( \lambda_{\text{air}} = 720 \, \text{nm} \) represents the light's wavelength in air.
- \( n = \frac{4}{3} \) is the refractive index of water.
Plugging in the given values yields:
\[
\lambda_{\text{water}} = \frac{720}{\frac{4}{3}} = 720 \times \frac{3}{4} = 540 \, \text{nm}
\]
Therefore, the light's wavelength in water is \( 540 \, \text{nm} \).