Find the volume, in cubic inches, of a cylinder with a diameter of 16 inches and a height of 7 inches. Round your answer to the nearest hundredth.

The radius of the cylinder is half of the diameter, so it is 16/2 = <<16/2=8>>8 inches.

The formula to find the volume of a cylinder is V = πr^2h, where V is the volume, r is the radius, and h is the height.
Substituting the given values, we get V = π(8^2)(7) = π(64)(7) = 448π.
To round 448π to the nearest hundredth, we can multiply it by 100 and round to the nearest whole number, then divide by 100.
448π ≈ 448(3.14) ≈ 1409.92.
Therefore, the volume of the cylinder is approximately 1409.92 cubic inches. Answer: \boxed{1409.92}.