The large 707K displayed after opening with PS is the actual memory space occupied by the picture, but it will be saved as 30K, because it is saved in JPG and compressed format.
Now memory cards are generally 2G-32G.
1G= 1024M, 1M= 1024KB (which is what you said), so even if it is not compressed, 1G memory card can store 1400 (approximately) 700.