The bullet's kinetic energy just as it hits the target is (1/2) (mass) (speed in air)².
After 3 cm, its speed is reduced to half, so its KE is (1/2) (mass) (1/2 speed in air)². That's only 1/4 of its original KE. It lost 3/4 of its energy so far.
As it tears through the target, the force against it is constant. So the energy taken away from it is (whatever the force is) x (the distance it travels).
It lost 3/4 of its energy in 3 cm. So it's losing 1/4 of its energy each centimeter, and it has only 1 more cm to go before it stops completely.
The bullet will penetrate an additional 1 cm after losing half of its velocity, based on the constant energy loss due to resistance. Initially, it penetrates 3 cm while losing 3/4 of its kinetic energy, and it retains enough energy to penetrate 1 more cm. In total, it will penetrate 4 cm before stopping.
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