The time in air for each bounce is proportional to the square root of the maximum height, as derived from the equation for time of flight: $t=2\sqrt{\frac{2h}{g}}$. Since the height halves after each bounce, the time for the next bounce is $\frac{1}{\sqrt{2}}$ of the previous time.

Given the time between the first and second bounce is 1 second, the time between the second and third bounce is $\frac{1}{\sqrt{2}}\times 1\text{ s}\approx 0.71\text{ s}$.

Final Answer: 0.71 Sec