Answer
The sun's angle above the horizon is $~~31^{\circ}$
Work Step by Step
The sun's rays travel through the water at an angle of $40^{\circ}$ from the normal.
We can use Snell's Law to find the ray's angle in the air with respect to the normal:
$n_2~sin~\theta_2 = n_1~sin~\theta_1$
$sin~\theta_2 = \frac{n_1~sin~\theta_1}{n_2}$
$sin~\theta_2 = \frac{(1.33)~(sin~40^{\circ})}{1.0}$
$sin~\theta_2 = 0.8549$
$\theta_2 = sin^{-1}~(0.8549)$
$\theta_2 = 59^{\circ}$
We can find the ray's angle with respect to the horizontal:
$90^{\circ}-59^{\circ} = 31^{\circ}$
The sun's angle above the horizon is $~~31^{\circ}$