This question tests your understanding of analogies. We need to find a relationship between "water" and another word that mirrors the relationship between "mirror" and "reflection".

A mirror causes reflection of light. Similarly, water causes refraction of light. Reflection is the bouncing back of light from a surface, while refraction is the bending of light as it passes from one medium to another (like air to water).

• Option 1 (Conduction): Conduction refers to the transfer of heat or electricity, not light, and is not related to water in the same way as reflection is to a mirror.
• Option 2 (Refraction): This is the correct answer because water refracts light.
• Option 3 (Dispersion): Dispersion is the separation of white light into its constituent colors. While water can cause dispersion, it's not the primary relationship as refraction is.
• Option 4 (Immersion): Immersion refers to submerging something in water. It's not directly analogous to the reflection property of a mirror.

Therefore, the correct analogy is: Mirror : Reflection :: Water : Refraction