The solid formed (anchor ring) is generally called torus

R = radius of torus = 7"

r = radius of circle = 1"

$V = A_c \times 2\pi R$

$V = \pi r^2 \times 2\pi R$

$V = \pi (1^2) \times 2\pi (7)$

$V = 142\pi^2 ~ \text{in.}^3$

$V = 138.174 ~ \text{in.}^3$ *answer*