(0.433 J/GK) Mass of the metal,$m = 0.20 \; kg = 200 \; g$.
Initial temperature of the metal,$T_{1} = 150 \; ^{\circ}C$.
Final temperature of the metal,$T_{2} = 40 \; ^{\circ}C$.
Water equivalent of the calorimeter,$m' = 0.025 \; kg = 25 \; g$.
Volume of water,$V = 150 \; cm^{3}$.
Mass of water,$M = 150 \; g$ (since density is $1 \; g/cm^{3}$).
Fall in temperature of the metal,$\Delta T = 150 - 40 = 110 \; ^{\circ}C$.
Rise in temperature of the water and calorimeter,$\Delta T' = 40 - 27 = 13 \; ^{\circ}C$.
Specific heat of water,$C_{w} = 4.186 \; J \cdot g^{-1} \cdot K^{-1}$.
Heat lost by metal = Heat gained by water and calorimeter.
$m \cdot C \cdot \Delta T = (M + m') \cdot C_{w} \cdot \Delta T'$.
$200 \cdot C \cdot 110 = (150 + 25) \cdot 4.186 \cdot 13$.
$22000 \cdot C = 175 \cdot 4.186 \cdot 13 = 9523.15$.
$C = 9523.15 / 22000 \approx 0.433 \; J \cdot g^{-1} \cdot K^{-1}$.
If heat is lost to the surroundings,the measured heat gained by the water/calorimeter is less than the actual heat lost by the metal. Thus,the calculated specific heat $C$ would be smaller than the actual value.