The correct conclusion from the experiment is:
B: The arrow appears reverse because light is bent as it enters the water and again as it exits; the two light paths cross, making the direction of the arrow appear crossed.
When light passes from air into water, it bends (refracts) due to the difference in the medium's densities. This bending causes the image of the arrow behind the glass of water to appear reversed. The refraction at both the entrance and exit surfaces of the water causes the light paths to cross, leading to the observed reversed appearance.