To determine the fraction of eutectoid ferrite, we can use the lever rule from phase diagrams. The lever rule states that the fraction of a phase in a two-phase region is given by:
\[
f_{\alpha} = \frac{C_{\beta} - C_0}{C_{\beta} - C_{\alpha}},
\]
where:
- \( f_{\alpha} \) is the fraction of eutectoid ferrite,
- \( C_0 \) is the composition of the specimen, which is 0.7 weight % carbon,
- \( C_{\alpha} \) is the composition of ferrite, which is 0.022 weight % carbon,
- \( C_{\beta} \) is the composition of cementite, which is 6.67 weight % carbon.
Now, substituting the values into the equation:
\[
f_{\alpha} = \frac{6.67 - 0.7}{6.67 - 0.022} = 0.74.
\]
Thus, the fraction of eutectoid ferrite lies between 0.72 and 0.76. This is the portion of the steel that is in the eutectoid ferrite phase after cooling below the eutectoid temperature.