Two concentric circular loops of radii \( r_1 = 30\,\text{cm} \) and \( r_2 = 50\,\text{cm} \) are placed in X–Y plane as shown in the figure. A current \( I = 7\,\text{A} \) is flowing through them in the direction as shown in figure. The net magnetic moment of this system of two circular loops is approximately:
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