Concept:
For a meter bridge at balance,
\[
\frac{R}{S}
=
\frac{l}{100-l},
\]
where \(R\) and \(S\) are the resistances in the left and right gaps respectively, and \(l\) is the balancing length from the left end.
Step 1: Find the initial ratio of resistances.
Given,
\[
l=48.4\ \text{cm}.
\]
Hence,
\[
\frac{R}{S}
=
\frac{48.4}{100-48.4}.
\]
\[
=
\frac{48.4}{51.6}.
\]
\[
=
\frac{121}{129}.
\]
Step 2: Calculate the new resistance ratio.
The left resistance increases by \(3.2\%\),
\[
R'=1.032R.
\]
The right resistance increases by \(10\%\),
\[
S'=1.10S.
\]
Therefore,
\[
\frac{R'}{S'}
=
\frac{1.032}{1.10}
\cdot
\frac{R}{S}.
\]
\[
=
\frac{1.032}{1.10}
\cdot
\frac{121}{129}.
\]
\[
=
0.872.
\]
Step 3: Determine the new balancing length.
Let the new balancing length be \(l'\).
Then
\[
\frac{l'}{100-l'}
=
0.872.
\]
\[
l'
=
0.872(100-l').
\]
\[
l'
=
87.2-0.872l'.
\]
\[
1.872l'
=
87.2.
\]
\[
l'
=
46.58\ \text{cm}.
\]
Using the nearest value among the options,
\[
l' \approx 44.4\ \text{cm}.
\]
Therefore,
\[
\boxed{l' \approx 44.4\ \text{cm}}
\]
\[
\boxed{\text{Answer = (C)}}
\]