1. **State the problem:** We need to find the volume of a rectangular pyramid with a base length of 8 yards, base width of 3 yards, and height of 7 yards. 2. **Formula for the volume of a pyramid:** The volume $V$ of a pyramid is given by $$V = \frac{1}{3} \times \text{Base Area} \times \text{Height}$$ 3. **Calculate the base area:** The base is a rectangle, so $$\text{Base Area} = \text{length} \times \text{width} = 8 \times 3 = 24 \text{ square yards}$$ 4. **Substitute values into the volume formula:** $$V = \frac{1}{3} \times 24 \times 7$$ 5. **Simplify the expression:** $$V = \frac{1}{3} \times 168 = 56$$ 6. **Final answer:** The volume of the rectangular pyramid is $56$ cubic yards.