0.025 is the pu fault duty impedance of 40MVA on 12.47KV system
Zsystem(pu) =1MVA(base)/(40MVA) = 0.025
If you take 40 MVA Base then:
Zsystem= 1pu on 40 MVA base
ZTransformer= ZT= 0.04*(40/1)= 1.6pu on 40 MVA base
= > Isc=1/(1+1.6) = 0.385 pu on 40 MVA base
IBase480V=40*10^6/(sqr(3)*(480))= 48112.52A
Isc=(0.385)*(48112.52) = 18,504 A
Or you can try this way:
12.47KV system & 12.47KV Transformer side are components connected in series
at the 12.47KV bus:
Z transformer =ZT=(4%/100)*(12.47x10^3)^2/(1000*10^3)= 6.22 ohms
Zsystem= 12470^2/ 40x10^6= 3.89 ohms
Z transformer + Zsystem= 10.11 ohms (at 12.47KV bus)
Converting to 480V bus: 10.11*480^2/12470^2= 0.015 ohms
Icc= 480/ (sqrt(3)*0.015)=18,475 Amps.
3 ways, same answer.
Or you can try the MVA method too.