Explanation:

We are having time and speed given, so first we will calculate the distance. Then we can get new speed for given time and distance.
Lets solve it.

Time = 50/60 hr = 5/6 hr
Speed = 48 mph
Distance = S*T = 48 * 5/6 = 40 km

New time will be 40 minutes so,
Time = 40/60 hr = 2/3 hr
Now we know,
Speed = Distance/Time
New speed = 40*3/2 kmph = 60kmph

Hence, option 3 is the correct answer.