Step 1: Understand the spark problem.
An inductor $L$ carrying current $I$ stores magnetic energy. When the switch opens suddenly, this energy tries to escape as a spark. A capacitor that can stand voltage $V$ is placed across the switch to soak it up. We need the least capacitance.
Step 2: Apply energy conservation.
To stop the spark, all the inductor's stored energy must be safely transferred to the capacitor.
Step 3: Energy stored in the inductor.
$U_L = \dfrac{1}{2}LI^2$.
Step 4: Energy the capacitor can hold.
$U_C = \dfrac{1}{2}CV^2$, where $V$ is the maximum voltage it can withstand.
Step 5: Equate and simplify.
Setting $U_L = U_C$: $\dfrac{1}{2}LI^2 = \dfrac{1}{2}CV^2$, so $LI^2 = CV^2$.
Step 6: Solve for $C$.
$C = \dfrac{LI^2}{V^2} = L\left(\dfrac{I}{V}\right)^2$. This is the smallest capacitance that keeps the voltage within $V$.
\[ \boxed{C = L\left(\dfrac{I}{V}\right)^2\ \text{(option 3)}} \]