there is no relation between the mass of the water displaced and the mass of the object
once an object is denser than water, it will displace the same amount of water no matter how massive it is (I mean a denser mass in the same volume)
if the object floats, however, you can determine its relative density to water by seeing what percentage of it has sunk.
this assumes the object is 'convex' (like a block a wood) with no holes in it (like a boat has)
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so the density of your example is 5000/1000 or 5. where the density of water (in the same units) is?
in any case, if the block sinks, you're out of luck, but if it floats, then note what percentage of it is 'under water'
You then know the underwater portion of the block (percentage times total volume of the block) is the volume of water needed to counterattack the full weight of the block (otherwise, gravity would continue pulling it down)
which is a fancy way of saying 'if the block floats, the mass of the displaced water is 5000g, the mass of the whole block'
that doesn't sound like something they would be asking, however.
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If we assume the density of the water is 1, then the block (density 5) will most definitely sink to the bottom, at which time the volume displaced will be the volume of the mass. 1000 and the mass of that much water will be 1000 * 1 or 1000. No matter what the density of the block was, so long as it was greater than 1g/cm.
seems like a weird question though.