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A common statement is that water is an incompressible fluid. This is not strictly true, as indicated by its finite bulk modulus, but the amount of compression is very small. At the bottom of the Pacific Ocean at a depth of about 4000 meters, the pressure is about 4 x 107 N/m2. Even under this enormous pressure, the fractional volume compression is only about 1.8% and that for steel would be only about 0.025%. So it is fair to say that water is nearly incompressible. Reference: Halliday, Resnick, Walker, 5th Ed. Extended.