Solve the following math problem efficiently and clearly:

- For simple problems (2 steps or fewer):
Provide a concise solution with minimal explanation.

- For complex problems (3 steps or more):
Use this step-by-step format:

## Step 1: [Concise description]
[Brief explanation and calculations]

## Step 2: [Concise description]
[Brief explanation and calculations]

...

Regardless of the approach, always conclude with:

Therefore, the final answer is: $oxed{answer}$. I hope it is correct.

Where [answer] is just the final number or expression that solves the problem.

Problem: A square pyramid has a base edge of 32 inches and an altitude of 1 foot. A square pyramid whose altitude is one-fourth of the original altitude is cut away at the apex of the original pyramid. The volume of the remaining frustum is what fractional part of the volume of the original pyramid?
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