what is value of the number 7 in 700,000

Study this place value chart. Then tell us what you think.

http://www.google.com/imgres?imgurl=http://www.eduplace.com/math/mw/background/6/01/graphics/ts_6_1_tt-1.gif&imgrefurl=http://www.eduplace.com/math/mw/background/6/01/te_6_01_decimals_tips.html&h=150&w=391&sz=15&tbnid=DD3Bu6d31jy9zM:&tbnh=47&tbnw=123&prev=/images%3Fq%3Dplace%2Bvalue%2Bchart&zoom=1&hl=en&usg=__mjQDCPq_b1aaNCufkYkzf3qJdxs=&sa=X&ei=k751TMDUCYGC8gaInv2zBg&ved=0CC0Q9QEwBA