Peter,
First, add the 9+3 in the parentheses to get 12 (indulge me and keep the parentheses around the 12 for now).
Now, perform the first operation, beginning at the left, i.e.,
Divide 48 by 2 to get 24
Now you're looking at the number 24 next to the number 12 in parentheses.
That says to you, Multiply 24 times 12 to get 2.
Do
NOT multiply 2 times 24 because it will give you the same answer.
There are other 'interpretations' of course (

), but none of them are 'correct'.
To paraphrase the little old lady in that old hamburger ad, WHERE'S THE DOGMA?!
Oops - You posted while I was typing Bill.
I'm surprised; was pretty sure you were outta here!