Just bought a boat. Loose temperature probe?

[sstray]

Hey guys, I just bought this powerboat with a Volvo penta engine. It runs fine, but when I was checking the engine compartment I noticed this loose wire which appears to be some sort of temperature probe. Does anyone know what it is and where it might go? I was thinking it might belong to the hole in the picture

 

[BruceK]

See the second circlip on the exhaust hose rubber.... there ?? Look for a small hole

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