Change the following improper fraction to a mixed number with the fraction part reduced to lowest terms. \[ \frac{47}{40} \]

To convert the improper fraction \( \frac{47}{40} \) to a mixed number, divide the numerator by the denominator. Here, \( 47 \div 40 = 1\) with a remainder of \( 7\). This means you have 1 whole and the leftover part is \( \frac{7}{40} \). So, as a mixed number, it is \( 1 \frac{7}{40} \). The fraction part \( \frac{7}{40} \) is already in its lowest terms because 7 and 40 have no common factors other than 1. Therefore, the final answer is \( 1 \frac{7}{40} \).