Step 1: Understanding the concept of moment of inertia.
For two rings with their planes perpendicular to each other, the total moment of inertia about an axis passing through their center is the sum of the individual moments of inertia of each ring.
For each ring, the moment of inertia about the center is:
\[
I = MR^2
\]
Step 2: Using the perpendicular axis theorem.
By the perpendicular axis theorem, the total moment of inertia for two perpendicular rings is:
\[
I_{\text{total}} = I_1 + I_2 = \frac{MR^2}{2} + \frac{MR^2}{2} = \frac{3MR^2}{2}
\]
Thus, the correct answer is (A) \( \frac{3MR^2}{2} \).