Step 1 :Identify the location of point S. Point S is given as \((2 \frac{1}{2}, -2)\).
Step 2 :Reflect point S across the x-axis to find the location of point S'. A reflection across the x-axis changes the sign of the y-coordinate, so point S' is located at \((2 \frac{1}{2}, 2)\).
Step 3 :Reflect point S' across the y-axis to find the location of the lake. A reflection across the y-axis changes the sign of the x-coordinate, so the lake is located at \((-2 \frac{1}{2}, 2)\).
Step 4 :\(\boxed{(-2 \frac{1}{2}, 2)}\) is the ordered pair that describes the location of the lake.