Two-stage transistor amplifier
The load on the amplifier (first transistor) collector cannot be larger than 47 ohms.
Thus the maximum gain cannot be larger than 47/10, at the largest.
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View that first transistor as being a voltage_controlled current generator.
The load on that first transistor collector is what converts the collector current back into a voltage.
The various paralleled resistances on that collector are

47 ohms to ground

220 to rail on the collector of first transistor

220 to rail on base of 2nd transistor

R_early of the first transistor

R_in (approximatly beta * Rload) of 2nd transistor


And all these in parallel can only be LESS than the smallest, which is 47 ohms