Place the small semicircle center on the center of the big semicircle, for simplicity. This won't change the area you are looking for.
Let us call $r$, $R$ and $d$ the radius of the small semicircle, the radius of the big semicircle and half the chord, respectively.
Using your notation, join $A$ with the center $O$ of the semicircles: that is of course a radius of the big semicircle. If you erect a perpendicular from the center to the chord, intersecting at $H$, you draw a right triangle $AOH$, whose hypotenuse is the radius $R$ and whose cathetuses are $r$ and $d$. The area you are looking for is: $$\frac{\pi}{2}R^2 - \frac{\pi}{2} r^2$$ Though, by Pythagorean Theorem, you have that $R^2 = r^2 + d^2$. By plugging this into the preivous expression, you find: $$A= \frac{\pi}{2}(r^2 + d^2) - \frac{\pi}{2}r^2 = \frac{\pi}{2}d^2$$ Now you can calculate that area, since you have the length of the chord and, thus, $d=7/2$. As a result, $$A = \frac{49 \pi}{8}$$