Step 1: For a binomial distribution, the mean \( \mu = np \) and variance \( \sigma^2 = np(1 - p) \). Given the mean and variance, solve for \( n \) and \( p \).
Step 2: Use the binomial probability formula to find \( P(X = 1) \).
Final Answer:
\[
\boxed{\frac{1}{8}}
\]