Let the cost of one guitar pick be \( c \) dollars.
Given that the cost of one guitar string is \( c + 1 \) dollars (since the guitar strings cost a dollar more than the guitar picks), we can set up the total cost equation based on the quantities purchased:
- He purchased 25 guitar picks at \( c \) dollars each.
- He purchased 25 guitar strings at \( c + 1 \) dollars each.
The total cost can be expressed as:
\[ 25c + 25(c + 1) = 40 \]
Expanding the equation:
\[ 25c + 25c + 25 = 40 \]
Combine like terms:
\[ 50c + 25 = 40 \]
Now, subtract 25 from both sides:
\[ 50c = 15 \]
Next, divide both sides by 50:
\[ c = \frac{15}{50} = \frac{3}{10} = 0.3 \]
So the cost of one guitar pick is \( $0.30 \).
Now, we can find the cost of one guitar string:
\[ c + 1 = 0.3 + 1 = 1.3 \]
Thus, the cost of one guitar string is \( $1.30 \).
Therefore, the final answer is:
\[ \boxed{1.30} \]