$\text{Volume} = \frac{1}{3} \pi h (r_1^2 + r_1r_2 + r_2^2)$

Where, $r_1$ and $r_2$ are the radii of the top and bottom bases of the frustum, and h is the vertical height of the frustum. This formula calculates the volume of the frustum by taking into account both the radii of the circular ends and the height of the truncated cone, providing an accurate measure of the space inside the frustum.