Answer
The phenomenon that relates to why the water was still much cooler than the iron metal deals with specific heat capacities which is the amount of heat energy required to raise the temperature of a substance by $1^{\circ}C$. Since water has a heat capacity of $4.184 \frac{J}{g\times^{\circ}C}$ while the heat capacity of iron is merely $0.450 \frac{J}{g\times^{\circ}C}$, it's much easier to heat up iron than it is water. Therefore, the temperature of the water is much cooler than the iron despite both substances having the same initial temperatures and mass.
Work Step by Step
See explanation above.
