To find the cost of the steel for the sculpture, we first need to calculate the volume of the cone. The formula for the volume \( V \) of a cone is given by:
\[
V = \frac{1}{3} \pi r^2 h
\]
where \( r \) is the radius of the base and \( h \) is the height of the cone.
Given:
- Height \( h = 60 \) inches
- Radius \( r = 11 \) inches
- Using \( \pi \approx 3.14 \)
Now, we can substitute the values into the formula:
\[
V = \frac{1}{3} \times 3.14 \times (11)^2 \times 60
\]
First, calculate \( (11)^2 \):
\[
(11)^2 = 121
\]
Now substitute this back into the volume formula:
\[
V = \frac{1}{3} \times 3.14 \times 121 \times 60
\]
Calculating \( 121 \times 60 \):
\[
121 \times 60 = 7260
\]
Now substitute this value into the volume:
\[
V = \frac{1}{3} \times 3.14 \times 7260
\]
Calculating the product:
\[
3.14 \times 7260 = 22866.4
\]
Finally, divide by 3:
\[
V = \frac{22866.4}{3} = 7622.13333333 \text{ cubic inches}
\]
Now that we have the volume, we can calculate the cost of the steel. The cost per cubic inch of steel is $0.45. Therefore, the total cost \( C \) is given by:
\[
C = \text{Volume} \times \text{Cost per cubic inch}
\]
Substituting the values we found:
\[
C = 7622.13333333 \times 0.45
\]
Calculating the cost:
\[
C = 3429.960 \text{ dollars}
\]
Thus, the cost of the steel for the sculpture is approximately:
\[
\boxed{3429.960}
\] dollars.