A basketball has a diameter of 34.5 inches. What is the volume of the basketball?

The radius of the basketball is 34.5 inches / 2 = <<34.5/2=17.25>>17.25 inches.

The formula for the volume of a sphere is V = (4/3)πr^3.
Thus, the volume of the basketball is V = (4/3)(3.14159)(17.25 inches)^3 = 164,060.58 cubic inches. Answer: \boxed{164,060.58}.