There's this mystical ring that, after you perform a special chant, it will grant you powers based on a complex magic formula. If the first step of the magical formula is subtracting 5 from 23 and then multiplying by the number of magical chants you perform, which in this case is 6. After that, the result is multiplied by 7 and again by 1. However, for the final step, you subtract 48 from the result. If you follow these steps, how powerful will the ring's magic be?