In one minute, 29 taps fill $\frac{1}{60}$^th part of water tank

similarly, in one minute, 1 tap fills $\frac{1}{60\times 29}=\frac{1}{1740}$^th part of water tank

Let the number of taps used to fill the tank in 5 min be x.

So, $\mathrm{x} \times \frac{1}{1740}=\frac{1}{5}$

upon cross multiplication,

$\mathrm{x}=\frac{1740}{5}=348 \mathrm{taps}$

Therefore, 348 taps can fill the tank in 5 minutes

Hence option A is correct.