To calculate the page fault rate, we first simulate the LRU page replacement algorithm for the given page reference string. The initial state of the page frames is empty. The page references and the corresponding page frames are as follows (denoted as the page frames in square brackets): \[ \begin{array}{|c|c|} \hline \text{Page Reference} & \text{Page Frames} \\ \hline 7 & [7] \, (\text{Page fault}) \\ 2 & [7, 2] \, (\text{Page fault}) \\ 7 & [7, 2] \, (\text{No page fault}) \\ 3 & [7, 2, 3] \, (\text{Page fault}) \\ 2 & [7, 2, 3] \, (\text{No page fault}) \\ 5 & [7, 2, 3, 5] \, (\text{Page fault}) \\ 3 & [7, 2, 3, 5] \, (\text{No page fault}) \\ 4 & [2, 3, 5, 4] \, (\text{Page fault}) \\ 6 & [3, 5, 4, 6] \, (\text{Page fault}) \\ 7 & [5, 4, 6, 7] \, (\text{Page fault}) \\ 1 & [4, 6, 7, 1] \, (\text{Page fault}) \\ 5 & [4, 6, 7, 1] \, (\text{No page fault}) \\ 6 & [4, 7, 1, 6] \, (\text{No page fault}) \\ 1 & [4, 7, 1, 6] \, (\text{No page fault}) \\ \hline \end{array} \] We have 10 page faults out of 14 memory accesses. The page fault rate is given by the formula: \[ \text{Page Fault Rate} = \frac{\text{Number of page faults}}{\text{Number of memory accesses}} = \frac{10}{14} \approx 0.6. \] Thus, the page fault rate is: \[ \boxed{0.6}. \]