Excel IF statement return different values for 3+ conditions

I'm trying to configure a volume discount system in a cell. To verbalize, I want to say, "If qty is 1, cost is $49.99; if qty is 2-3, cost is $49.50; if qty is 4+, cost is $48.99."

The furthest I've gotten is: =OR((IF(I7<2,49.99)),(IF(OR(I7>1,I7<4),49.5))) in which I7 is the cell containing qty. This returns TRUE which I understand is how the OR function works.

I'm just at a loss to how I can incorporate multiple outputs into a single cell given multiple potential conditions.

Thanks in advance.