Step 1: Concept
Use the relation $N = N_0(1/2)^n$, where $n$ is the number of half-lives.
Step 2: Analysis
$0.75\times10^5 = 6\times10^5(1/2)^n \implies 0.75/6 = (1/2)^n \implies 1/8 = (1/2)^n$.
Therefore, $n = 3$ half-lives.
Step 3: Calculation
Total time $T = n \times T_{1/2} \implies 48 = 3 \times T_{1/2}$.
$T_{1/2} = 16$ years.
Final Answer: (A)