Given:
Original length of steel wire L = 1m
Area of cross-section A = 4.00mm2 = 4 ×10-2cm2
Load = 2.16kg
Young's modulus of steel Y = 2 × 1011N/m2
Acceleration due to gravity g = 10ms-2
Let T be the tension in the string after the load is suspended and $\theta$ be the angle made by the string with the vertical, as shown in the figure:

$\cos\theta=\frac{\text{x}}{\sqrt{\text{x}^2+\text{l}^2}}=\frac{\text{x}}{\text{l}}\Big\{1+\frac{\text{x}^2}{\text{l}^2}\Big\}^{\frac{-1}{2}}$
Expanding the above equation using the binominal theorem:
$\cos\theta=\frac{\text{x}}{\text{l}}\Big\{1-\frac{1}{2}\frac{\text{x}^2}{\text{l}^2}\Big\}$ (neglecting the higher order terms)
Since x << l, $\frac{\text{x}^2}{\text{l}^2}$ can be neglected.
$\Rightarrow\cos\theta=\frac{\text{x}}{\text{l}}$
increase in length:
$\triangle\text{l}=(\text{AC}+\text{CB})-\text{AB}$
$\text{AC}=\big(\text{l}^2+\text{x}^2\big)^{\frac{1}{2}}$
$\triangle\text{l}=2\big(\text{l}^2+\text{x}^2\big)^{\frac{1}{2}}-2\text{l}$
We know that:
$\text{Y}=\frac{\text{F}}{\text{A}}\frac{\text{L}}{\triangle\text{L}}$
$\Rightarrow2\times10^{12}=\frac{\text{T}\times100}{\big(4\times10^{-2}\big)\times\big[2\big (50^2+\text{x}^2\big)^{\frac{1}{2}}-100\Big]}$
From the free body diagram:
$2\text{T}\cos\theta=\text{mg}$
$2\text{T}\Big(\frac{\text{x}}{50}\Big)=2.16\times10^{3}\times980$
$\Rightarrow\frac{2\times\big(2\times10^{12}\big)\times\big(4\times10^{-2}\big)\times\Big[2\Big(50^2+\text{x}^2\frac{1}{2}\Big)-100\Big]\text{x}}{100\times50}=(2.16)\times10^3\times980$
On solving the above equation, we get x = 1.5cm
Hence, the required vertical depression is 1.5cm.