Step 1: Use relation between wavelength and refractive index.
Wavelength in a medium is given by
\[
\lambda = \frac{\lambda_0}{\mu},
\]
where \( \lambda_0 \) is wavelength in vacuum and \( \mu \) is refractive index.
Step 2: Find wavelength in vacuum.
For water,
\[
\lambda_0 = \mu_{\text{water}} \times \lambda_{\text{water}}
= \frac{4}{3} \times 540 = 720\,\text{nm}.
\]
Step 3: Find wavelength in the second medium.
For refractive index \( \frac{3}{2} \),
\[
\lambda = \frac{720}{\frac{3}{2}} = 720 \times \frac{2}{3} = 480\,\text{nm}.
\]
Final Answer:
\[
\boxed{480}
\]