The product formed by the acetylation of p-aminophenol with acetic anhydride and NaOH is paracetamol (acetaminophen).

Here's the breakdown:

* p-aminophenol has an amino group (-NH2) and a hydroxyl group (-OH) on the benzene ring.

* Acetic anhydride (CH3CO)2O is a reactive compound that introduces acetyl groups (CH3CO-)

* NaOH is a base used to deprotonate the amine group, making it more nucleophilic.

The Reaction:

1. NaOH deprotonates the amino group of p-aminophenol, forming the more reactive aminophenolate ion.

2. The aminophenolate ion reacts with acetic anhydride, replacing one of the acetyl groups with the p-aminophenol molecule.

3. The product is N-acetyl-p-aminophenol, also known as paracetamol or acetaminophen.

Chemical Equation:

```

p-aminophenol + (CH3CO)2O + NaOH → N-acetyl-p-aminophenol + CH3COONa + H2O

```

Note: The reaction is carried out in a solvent, typically water or a mixture of water and ethanol.