The formula for the volume of a cylinder is $\pi d^{2}l/4$. Here, $d$ is the diameter and $l$ is the length of the cylinder. Substituting the given values, we get:
\[V = \pi (0.514 \, \text{in})^{2} (1.62 \, \text{in}) / 4 = 0.33615 \, \text{in}^{3}\]
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