1. **State the problem:** We need to find the volume of a cylindrical water tank with radius $r=5.5$ ft and height $h=16$ ft. 2. **Formula for volume of a cylinder:** $$V=\pi r^2 h$$ where $V$ is volume, $r$ is radius, and $h$ is height. 3. **Substitute the given values:** $$V=3.14 \times (5.5)^2 \times 16$$ 4. **Calculate the radius squared:** $$5.5^2=30.25$$ 5. **Multiply:** $$V=3.14 \times 30.25 \times 16$$ 6. **Calculate intermediate multiplication:** $$3.14 \times 30.25=94.985$$ 7. **Calculate final volume:** $$V=94.985 \times 16=1519.76$$ 8. **Round to the nearest whole number:** $$V \approx 1520$$ 9. **Include correct unit:** The volume is in cubic feet, so the answer is $1520$ ft$^3$. **Final answer:** $$\boxed{1520\text{ ft}^3}$$