No because you would not use it as an estimate.
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yes 2/4 is because it is equivalent to 1/2 which is a benchmark fraction.
They are equivalent.
No, four sevenths is not a benchmark fraction beacause benchmark fractions are used to estimate and they are easy to picture in your mind. 4 out of seven is not a very good estimate for something and it is not easy to picture in your head. Right?
benchmark fractions mean
3/4 1/2