simulate this circuit – Schematic created using CircuitLab
In this condition, RL=infinity so the voltage gain of the output at the node R5 and Q1 can be obtain as below
$$A_v=\frac{4800}{450}=10.67$$
Verified with simulator which is in good agreement
However, now the output is connected to a bypass capacitor of 5.3micro farad and my simulator showing a gain of only 3, understood as there is current flow into the 5.3micro farad capacitor that pull down the voltage gain and from youtube https://www.youtube.com/watch?v=-MyVscG-Pew&t=363s I understood the gain is gain is $$A_v=\frac{4800||R_{effective}}{r_e'+450}$$
Is the $$R_{effective}=R_7||R_8$$ so that theoretical value of $$A_v=3.73$$ or the calculation is actually more complicated than this?