Step 1: Name the starting compound.
Ethanoyl chloride is $\text{CH}_3\text{COCl}$, also called acetyl chloride. It is an acid chloride.
Step 2: How reactive it is.
Acid chlorides are very reactive. The chlorine atom is a good leaving group, so it is replaced easily.
Step 3: Role of water.
Water acts as the attacking group here. Its oxygen attacks the carbon of the $C=O$ group. This reaction with water is called hydrolysis.
Step 4: What replaces chlorine.
The $-Cl$ leaves and an $-OH$ takes its place. So $\text{CH}_3\text{COCl}$ turns into $\text{CH}_3\text{COOH}$.
Step 5: Write the equation.
$\text{CH}_3\text{COCl} + \text{H}_2\text{O} \rightarrow \text{CH}_3\text{COOH} + \text{HCl}$.
Step 6: Name the product.
$\text{CH}_3\text{COOH}$ is ethanoic acid, also called acetic acid. This is option 2.
\[ \boxed{\text{Ethanoic acid}} \]