1. **State the problem:** Find the volume of a cylinder with radius $r=0.5$ inches and height $h=4$ inches. 2. **Formula for the volume of a cylinder:** $$V=\pi r^2 h$$ This formula calculates the volume by multiplying the area of the circular base ($\pi r^2$) by the height ($h$). 3. **Substitute the given values:** $$V=\pi \times (0.5)^2 \times 4$$ 4. **Calculate the square of the radius:** $$V=\pi \times 0.25 \times 4$$ 5. **Multiply the constants:** $$V=\pi \times 1$$ 6. **Calculate the volume using $\pi \approx 3.1416$:** $$V \approx 3.1416 \times 1 = 3.1416$$ 7. **Round to the tenths place:** $$V \approx 3.1$$ cubic inches. **Final answer:** The volume of the cylinder is approximately $3.1$ cubic inches.