Step 1: Condition for dispersion without deviation.
For dispersion without deviation, the total deviation produced by the two prisms must be zero. The deviation produced by a prism is given by:
\[
\delta = (\mu - 1) A
\]
where \( \mu \) is the refractive index and \( A \) is the angle of the prism.
Step 2: Setting up the equation.
For dispersion without deviation, the deviation produced by \( P_1 \) should be equal and opposite to that produced by \( P_2 \). Hence, we have:
\[
(\mu_1 - 1) A_1 = (\mu_2 - 1) A_2
\]
Substituting the known values \( \mu_1 = 1.54 \), \( A_1 = 4^\circ \), and \( \mu_2 = 1.72 \), we can solve for \( A_2 \).
Step 3: Solving for \( A_2 \).
\[
(1.54 - 1) \times 4 = (1.72 - 1) \times A_2
\]
\[
0.54 \times 4 = 0.72 \times A_2
\]
\[
A_2 = \frac{0.54 \times 4}{0.72} = 3^\circ
\]
Step 4: Conclusion.
Thus, the angle of prism \( P_2 \) is \( 3^\circ \), which corresponds to option (D).