Examine the following diagram:
If the pressure vessel, initially out of the water containing only air at a pressure of 1atm, is then submerged in the water as shown in the diagram, will the air pressure within the pressure vessel be equal to the pressure at the depth of the bottom of the pressure vessel?
We know that the pressure at a depth of fluid is given by $$ P = \rho g h $$ where $\rho$ is the density of the fluid, $g$ is the acceleration due to gravity, and $h$ is the depth of the fluid. Therefore, the pressure at the bottom of the container is some pressure $P$. Since water is incompressible, and air is compressible, will the water compress the air to the point at which its pressure matches the pressure $P$?
I feel as if my logic is sound, but I would like confirmation.