Which of the following is the most accurate statement related to the formation of a rainbow?

When sunlight enters the Earth's atmosphere and strikes raindrops, the light is refracted (or bent) as it enters the raindrop due to the change in speed of light in the denser medium of water. The light is then internally reflected at the surface of the raindrop and refracted again as it exits the raindrop. This process causes the white light to be dispersed into its component colors, forming a rainbow. 

The different colors of light have different wavelengths, and each color is refracted by a slightly different angle, resulting in the separation of the colors.