Concept:
For a thin prism of refracting angle $A$, the angle of minimum deviation ($\delta$) depends on the relative refractive index of the prism material with respect to its surrounding medium ($\mu_{\text{relative}}$):
\[
\delta = (\mu_{\text{relative}} - 1)A
\]
When placed in air, $\mu_{\text{relative}} = \mu_g$. When immersed in a liquid, $\mu_{\text{relative}} = \frac{\mu_g}{\mu_l}$.
Step 1: Calculate deviation in air ($\delta_{\text{air}}$).
Given the refractive index of glass $\mu_g = \frac{3}{2}$:
\[
\delta_{\text{air}} = (\mu_g - 1)A = \left(\frac{3}{2} - 1\right)A = \frac{1}{2}A
\]
Step 2: Calculate deviation in water ($\delta_{\text{water}}$).
Given the refractive index of water $\mu_w = \frac{4}{3}$:
\[
\delta_{\text{water}} = \left(\frac{\mu_g}{\mu_w} - 1\right)A = \left(\frac{3/2}{4/3} - 1\right)A = \left(\frac{9}{8} - 1\right)A = \frac{1}{8}A
\]
Step 3: Compute the ratio of the two deviations.
\[
\text{Ratio} = \frac{\delta_{\text{air}}}{\delta_{\text{water}}} = \frac{\frac{1}{2}A}{\frac{1}{8}A} = \frac{8}{2} = \frac{4}{1} \implies 4:1
\]