The lot costs 5000 dollars.
Step-by-step explanation:
The cost of a House and the lot = $40,000.
Let us assume the cost of lot as 'x'
Given that, The cost of the house is 7 times as much as the lot.
Therefore, The cost of the house= 7x
The cost of both the house and the lot= x + 7x
$40,000 = x + 7x
40,000 = 8x
x = 40,000/8
x = 5,000
The lot costs $5000.
