The average access time is calculated using the formula: Average Access Time = (Hit Ratio) × (Cache Access Time) + (1 − Hit Ratio) × (Main Memory Time). Given a Hit Ratio of 0.98, Cache Access Time of 12 nsec, and Main Memory Access Time of 1.5 msec (1.5 × 10^6 nsec), the calculation is performed as: Average Access Time = (0.98) × (12) + (0.02) × (1.5 × 10^6). This simplifies to 11.76 + 30,000, resulting in an average access time of 30,011.76 nsec. The average access time is approximately 41.76 nsec.