First we need to find the speed of each car using the formula
[tex]s=\frac{d}{t}[/tex], where s is the speed, d is the distance and t is time.
[tex]s=\frac{2}{48}=0.0417 miles/s[/tex]
[tex]s=\frac{2}{40} = 0.05miles/s[/tex]
Since they are moving in the same direction we subtract the speeds to obtain relative velocity, [tex]V_r[/tex]
[tex]V_r = 0.05-0.0417= 0.0083 miles/s[/tex], then
[tex]t=\frac{2}{0.0083}= 240s[/tex]. This is the time it takes for the fastest car to complete an extra lap relative to the slower car.