If the object is less dense than water (if it floats on water), it
displaces a weight of water equal to the weight of the object. If the
object sinks in water, it simply displaces a volume of water equal to the
volume of the object.
This is known as the Principle of Archimedes.
Ha,ha! This doesn't really answer your questionBUT when the ring pleced on the duck's back the additional amount of water displaced is equal to the WEIGHT of the ring but if the ring is just placed in the water and allowed to sink, the amount of water displaced is equal to the VOLUME of the ring. Methinks!
Can you figure out the difference in water level? i.e More or Less when on the duck's back than when in the water?