Find the volume of water using a formula for volume of a frustum of a cone (taking the diameter at the depth of the water as one base). Then divide that by the area of the opening at the top of the bucket, to find the effective inches.
I found an explanation of how to do this at the bottom of this page:
https://scied.ucar.edu/blog/measuring-rainfall-–-it’s-easy-and-difficult-same-time-0 Unfortunately, the volume formula is wrong! It was a good guess that you could use the average of the radii, and might be close enough for a typical bucket, but the actual formula for a frustum of a cone is [MATH]V = \frac{\pi(R^2+rR+r^2)h}{3}[/MATH], where r is the base radius and R is the top radius (at the level of the water).
Another approach would be to pour the water (or the same amount of water, from the same bucket at the same depth) into a perfect cylinder, measure its depth, and then multiply by the ratio of the square of the diameter of the cylinder to the square of the diameter of the bucket.
Rather than leave you to do the calculations (as this clearly is not homework unless you're a great liar), I'll go ahead and do it.
The bucket is filled to 7.25/14.35 = 0.505 of its height, so the diameter at the top of the water is 0.505 times the difference more than the base; that is, 11.25 + 0.505(11.25-10.25) = 11.755 inches. So we have r = 10.25/2 = 5.125, R = 11.755/2 = 5.878, and h = 7.25. This gives a volume of [MATH]V = \frac{\pi(5.878^2+(5.125)(5.878)+5.125^2)7.25}{3} = 690.69\text{ in}^3[/MATH]. The area of the top opening is [MATH]A = \pi(5.625)^2 = 99.4\text{ in}^2[/MATH], so the effective depth of water is [MATH]\frac{690.69}{99.4} = 6.95\text{ in}[/MATH].
(The web page's volume would be 689.366, which is not far off, as I expected, so you can use his formula if you like. You'll get 6.935 inches for the depth ...)