The volume of a rectangular pyramid is calculated using the formula:
\[ V = \frac{1}{3} \times \text{Base Area} \times \text{Height} \]
Given that the volume of the pyramid is 480 in³, we can express that as:
\[ 480 = \frac{1}{3} \times \text{Base Area} \times \text{Height} \]
Now, the volume of a rectangular prism is calculated using the formula:
\[ V = \text{Base Area} \times \text{Height} \]
Since the prism has the same base area and height as the pyramid, we can relate their volumes. The volume of the prism is three times the volume of the pyramid, since the volume of the pyramid is one-third of the volume of the prism. Therefore:
\[ \text{Volume of the prism} = 3 \times \text{Volume of the pyramid} = 3 \times 480 = 1440 \text{ in}^3 \]
So, the volume of the rectangular prism is:
\[ \boxed{1440} \text{ in}^3 \]