The modulation index (\( m \)) in Amplitude Modulation (A.M) is given by:
\[
m = \frac{A_{\text{max}} - A_{\text{min}}}{A_{\text{max}} + A_{\text{min}}}
\]
where:
- \( A_{\text{max}} \) is the maximum amplitude of the modulated wave.
- \( A_{\text{min}} \) is the minimum amplitude of the modulated wave.
Since voltage is directly proportional to amplitude:
\[
m = \frac{V_{\max} - V_{\min}}{V_{\max} + V_{\min}}
\]
Thus, the correct answer is:
\[
\frac{V_{\max} - V_{\min}}{V_{\max} + V_{\min}}
\]
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