To calculate the center of mass of a hollow nose cone, the formula is given as π&radic(h2+R2)hR/M, where R is the base radius, h is the height, and M is the mass. An alternative method involves suspending the cone from different points and marking the vertical lines created; the intersection of these lines indicates the center of mass. This approach can help in practical applications, such as determining fin placement for a rocket project. The discussion emphasizes the importance of accurately finding the center of mass for stability in rocket design. Understanding these methods is crucial for successful rocket construction.