Step 1: Recall the lens maker's formula in a medium.
When a lens of index $\mu_g$ sits in a liquid of index $\mu_m$, \[ \frac{1}{f} = \left(\frac{\mu_g}{\mu_m} - 1\right)\left(\frac{1}{R_1} - \frac{1}{R_2}\right). \] Here $\mu_g = 1.5$, $\mu_m = 1.2$, $f = 48\,cm$.
Step 2: Write the radii using the ratio.
The radii are in ratio $2:3$. For a biconvex lens take $R_1 = +2x$ and $R_2 = -3x$.
Step 3: Evaluate the curvature term.
$\dfrac{1}{R_1} - \dfrac{1}{R_2} = \dfrac{1}{2x} - \dfrac{1}{-3x} = \dfrac{1}{2x} + \dfrac{1}{3x} = \dfrac{3 + 2}{6x} = \dfrac{5}{6x}$.
Step 4: Evaluate the index factor.
$\dfrac{\mu_g}{\mu_m} - 1 = \dfrac{1.5}{1.2} - 1 = 1.25 - 1 = 0.25$.
Step 5: Solve for x.
$\dfrac{1}{48} = 0.25\times \dfrac{5}{6x} = \dfrac{1.25}{6x} = \dfrac{5}{24x}$. Cross multiplying, $24x = 48\times 5 = 240$, so $x = 10\,cm$.
Step 6: Find the radii.
$R_1 = 2x = 20\,cm$ and $R_2 = 3x = 30\,cm$, which is option (1).
\[ \boxed{R_1 = 20\,cm,\ R_2 = 30\,cm} \]