As observed in the above diagram, a wooden block is held submerged in water within a container by an (external, such as a string attaching the block to the bottom of the container) force which counter-acts the upward force due to buoyancy. Clearly, if the force is terminated (for instance, by cutting the string attaching the block to the bottom of the container), the block would instantly start shooting up, while water of the same volume would fall down on account of gravity.
I would like to understand the potential and kinetic energy changes in the above system for both, the wood and the water, after the block starts moving upwards.
I am an elementary physics student and the question may sound stupid, but I am requesting help to clear my concepts. Any help would be sincerely appreciated.
How can buoyancy be explained in terms of the energy exchanges between the water and a wooden block submerged in the water withing a container, as the block moves upwards because of the force due to buoyancy?