Let c be the cost of a pick.
The cost of 25 picks is 25c.
The cost of 25 strings is 25c + 1.
The total cost is 25c + 25c + 1 = 40.
Combining like terms, we get 50c + 1 = 40.
Subtracting 1 from both sides, we get 50c = 39.
Dividing both sides by 50, we get c = <<39/50=0.78>>0.78.
The cost of one string is 0.78 + 1 = $<<0.78+1=1.78>>1.78. Answer: \boxed{1.78}.