The lowest you should ever take a 7.4 volt lipo down to is 6 volts, any lower and you will probably damage it. I only let mine go down to 6.4 volts just to be safe.
When fully charged you should be at 8.4 volts.
When brand new -opened for the first time or stored (storage mode on your charger) between each meeting you go to they are normally around 7.6 volts which is approx 50-60% charged. I leave mine as they come out of the car after a 5 minute heat as they're normally around 7.6 -7.8 volts then so I just balance charge them up the following week.
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