Step 1: Resultant field due to dipoles.
When two dipoles are placed at a distance, the resultant field at the midpoint is the vector sum of the individual fields created by each dipole. Since their axes are perpendicular, the field can be calculated using the formula for the magnetic field of dipoles.
Step 2: Conclusion.
The resultant magnetic field at the point midway between the dipoles is \( 5 \times 10^{-7} \, \text{T} \), which corresponds to option (1).