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The volume of a square pyramid is calculated using the formula V = (1/3) * base area * height.
In this case, the base of the square pyramid is a square with side length 2.75 inches, so the base area is 2.75 * 2.75 = 7.5625 square inches.
The height of the square pyramid is also 2.75 inches.
Plugging these values into the formula, we get V = (1/3) * 7.5625 * 2.75 = 6.934 in^3.
Therefore, the approximate volume of the ornament is 6.93 in^3.