Let the cost of one soda be denoted as \( s \).
According to the problem, the total cost of 5 sodas can be expressed as:
\[ 5s \]
The problem also states that this total cost is equal to the cost of 3 sodas plus $7. We can express this as:
\[ 5s = 3s + 7 \]
Now, we will solve for \( s \) by first isolating \( s \) on one side of the equation. To do this, we can subtract \( 3s \) from both sides:
\[ 5s - 3s = 7 \]
This simplifies to:
\[ 2s = 7 \]
Next, we divide both sides by 2 to solve for \( s \):
\[ s = \frac{7}{2} \]
Calculating this gives:
\[ s = 3.5 \]
Therefore, the cost of one soda is:
\[ \boxed{3.5} \]