Suppose that the height of the water in each container is $h \mathrm{~cm}$. Since the first container is a rectangular prism with a base that is 2 cm by 4 cm, then the volume of the water that it contains, in $\mathrm{cm}^{3}$, is $2 \times 4 \times h=8h$. Since the second container is a right cylinder with a radius of 1 cm, then the volume of the water that it contains, in $\mathrm{cm}^{3}$, is $\pi \times 1^{2} \times h=\pi h$. Since the combined volume of the water is $80 \mathrm{~cm}^{3}$, then $8h+\pi h=80$. Thus, $h(8+\pi)=80$ or $h=\frac{80}{8+\pi} \approx 7.18$. Of the given answers, this is closest to 7.2 (that is, the height of the water is closest to 7.2 cm).