Agree with 48.
Here is the solution.
In a certain class, 1/3 of the students are honors students, and 1/4 of the students play varsity sports. If 12 students play varsity sports and are honors students, what is the least possible number of students in the class?
Let n be the number of students in the class. The least possible n corresponds to the situation when 12 students is as large part of the class as possible. This occurs when all those who play varcity sports are also honors students – and in this case, 12=1/4*n and n=48. Now, we need to check if 1/3 and 1/4 of n are integer numbers – yes, they are; so n=48 is the answer.