To calculate the average access time, we use the formula: Average Access Time = (Hit Ratio) × (Cache Access Time) + (1 − Hit Ratio) × (Main Memory Time). Given: Hit Ratio = 0.98, Cache Access Time = 12 nsec, Main Memory Access Time = 1.5 msec = 1.5 × 10^6 nsec. Substitute the values into the formula: Average Access Time = (0.98) × (12) + (0.02) × (1.5 × 10^6). Average Access Time = 11.76 + 30,000 = 30,011.76 nsec. The average access time is approximately 41.76 nsec.