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: What is the area of the gray region, in square units, if the radius of the larger circle is four times the radius of the smaller circle and the diameter of the smaller circle is 2 units? Express your answer in terms of $\pi$. [asy]
size(150);
pair A, B;
A=(0,0);
B=(-4,1);
fill(circle(A, 8), gray(.7));
fill(circle(B, 2), white);
draw(circle(A, 8));
draw(circle(B, 2));
[/asy]
user