1. The problem asks to find $\frac{1}{8}$ of 56. 2. To find a fraction of a number, multiply the fraction by the number. 3. The formula is: $$\text{Fraction of a number} = \text{Fraction} \times \text{Number}$$ 4. Substitute the values: $$\frac{1}{8} \times 56$$ 5. Multiply: $$\frac{1 \times 56}{8} = \frac{56}{8}$$ 6. Simplify the fraction: $$\frac{56}{8} = 7$$ 7. So, $\frac{1}{8}$ of 56 is 7.