Answer :

The formula for the volume of a cylinder is
  V = π·r²·h

The formula for the volume of a cone is
  V = (1/3)π·r²·h

If the cone has the same radius and height as the cylinder, it has 1/3 the volume of the cylinder.

The cone of interest has a volume of (1/3)·(48 in³) = 16 in³.