Step 1: Identify the angle between magnetic moments.
From the figure, the angle between the two magnetic dipole moments is $60^\circ$.
Step 2: Write formula for resultant magnetic moment.
For two equal magnetic moments inclined at an angle $\theta$:
\[
M_R = \sqrt{M^2 + M^2 + 2M^2\cos\theta}
\]
Step 3: Substitute given values.
\[
M_R = \sqrt{2M^2 + 2M^2 \cos 60^\circ}
\]
\[
\cos 60^\circ = \dfrac{1}{2}
\]
Step 4: Simplify.
\[
M_R = \sqrt{2M^2 + M^2} = \sqrt{3M^2}
\]
But from the orientation of poles in the figure, the effective angle between magnetic moments is $120^\circ$.
Step 5: Correct calculation using $120^\circ$.
\[
M_R = \sqrt{2M^2 + 2M^2\cos 120^\circ}
\]
\[
\cos 120^\circ = -\dfrac{1}{2}
\]
\[
M_R = \sqrt{2M^2 - M^2} = M
\]