To calculate the volume of a sphere, we use the formula:
\[ V = \frac{4}{3} \pi r^3 \]
where \( r \) is the radius of the sphere. Given that the diameter of the sphere is 5 inches, we can find the radius by dividing the diameter by 2:
\[ r = \frac{5}{2} = 2.5 \text{ inches} \]
Now, we substitute \( r \) and \( \pi \) (using 3.14) into the volume formula:
\[ V = \frac{4}{3} \times 3.14 \times (2.5)^3 \]
First, we calculate \( (2.5)^3 \):
\[ (2.5)^3 = 2.5 \times 2.5 \times 2.5 = 6.25 \times 2.5 = 15.625 \]
Now we substitute this back into the volume formula:
\[ V = \frac{4}{3} \times 3.14 \times 15.625 \]
Calculating \( \frac{4}{3} \times 3.14 \):
\[ \frac{4}{3} \times 3.14 \approx 4.18667 \]
Now multiply this by 15.625:
\[ V \approx 4.18667 \times 15.625 \approx 65.44504 \]
Finally, rounding to the nearest tenth, we have:
\[ V \approx 65.4 \text{ inches}^3 \]
Thus, the volume of the sphere is approximately:
\[ \boxed{65.4} \text{ inches}^3 \]