Two concentric circular loops of radii $r_{1}=30 \mathrm{~cm} and r_{2}=50 \mathrm{~cm} are placed in \mathrm{X}-\mathrm{Y} plane as shown in the figure. A current I=7 \mathrm{~A}$ is flowing through them in the direction as shown in figure. The net magnetic moment of this system of two circular loops is approximately :