The formula for the volume of a cylinder is V = πr^2h, where r is the radius and h is the height. The diameter of the cylinder is given as 16 inches, so the radius is half of the diameter, which is 16/2 = 8 inches.
Plugging in the values, we get V = π(8^2)(7) = π(64)(7) ≈ 1,587.33 cubic inches.
Rounding to the nearest hundredth, the volume is approximately 1,587.33 cubic inches.