your rules are ambiguous...:
As stated
if a value in a cell is less than x number then multiply by 1, if it is greater than but less than x number then multiply by .05, if it is equal or greater than x number then multiply by .07.
if a value in a cell is less than x number then multiply by 1 [else]
if it [value] is greater than but less than x number then multiply by .05 [else]
if it is equal or greater than x number then multiply by .07
"greater than but less than" is, well, not possible.
So I changed the rule and guessed at your intent. hopefully the following will help you or you can post back with an updated rule

The formula in cell E2 is:
=IF(B2<C2, 1, IF(B2<D2, 0.5, 0.7))
this follows the rule:
if the value (cell B2) is less than X (cell C2) then return 1 else
if the value (cell B2) is less than Y (cell D2) then return 0.05 else
return 0.07
you can use the result of this formula to multiply times whatever you want.