Step 1: Split the earth's field.
The total field $B$ has a horizontal part $B_{H} = B\cos\delta$ and a vertical part $B_{V} = B\sin\delta$. Here $\delta$ is the angle of dip.
Step 2: Find $\cos\delta$.
\[ \cos\delta = \frac{B_{H}}{B} = \frac{0.3}{0.5} = \frac{3}{5} \]
Step 3: Make a right triangle.
If the adjacent side is $3$ and the hypotenuse is $5$, the opposite side is $\sqrt{5^{2}-3^{2}} = 4$.
Step 4: Vertical component.
So $B_{V}$ matches the side $4$ in this triangle.
Step 5: Find $\tan\delta$.
\[ \tan\delta = \frac{B_{V}}{B_{H}} = \frac{4}{3} \]
Step 6: Write the dip angle.
So $\delta = \tan^{-1}\dfrac{4}{3}$, which is option 2.
\[ \boxed{\delta = \tan^{-1}\frac{4}{3}} \]