Although a duplicate, i try to give the insight. It will not be short, but this is my everyday problem.
As a parallel, let us consider in base ten a periodic fraction. I will take $8/13$ which has the periodic decimal representation $0.\ 615384\ 615384\ 615384\ \dots=0.(615384)$ as i learned it in school. Now the reason for this is the fact that the first power of ten which is $1$ modulo $13$ is $10^6$, i.e. $999999/13=76923$ is the first $99\dots 9$ number divisible by $13$, the period comes from $999999/13\cdot 8 = 615384$ and the representation is shown by the long line
$$
\begin{aligned}
\frac 8{13}
&=
\frac{615384}{999999}
\\
&=615384\cdot\frac 1{10^6}\cdot\frac 1{1-\frac 1{10^6}}
=615384\cdot\frac 1{10^6}\cdot\left(1+\frac 1{10^6}+\frac 1{10^{12}}+\dots\right)
\\
&=615384\cdot
0.\ 000001\ 000001\ 000001\ \dots
\\
&=0.\ 615384\ 615384\ 615384\ \dots\ .
\end{aligned}
$$
(There is a little more dancing around when the denominator is not relatively prime to the basis ten.)
Sorry for this, but in our case we have a similar computation.
Same computational idea, an other basis.
$$
\begin{aligned}
0.7 &=\frac 7{10}=\frac 12\cdot \frac 75
=\frac 12\cdot\left(1+ \frac 25\right)
\\
&\text{ and the first $2$-power which is $1$ modulo $5$ is $16=2^4$, so...}
\\
&=\frac 12\cdot\left(1+ \frac 6{16-1}\right)
\\
&=\frac 12\cdot\left(1+ 6\cdot\frac 1{2^4}{1-\frac 1{2^4}}\right)
\\
&=\frac 12\cdot\left(1+ 6\cdot\left(
\frac 1{2^4} +
\frac 1{2^8} +
\frac 1{2^{12}} +
\dots
\right)\right)
\\
&=\frac 12\cdot\left(1+
\color{blue}{110}_{\color{red}{2}}\times
0.\ 0001\ 0001\ 0001\ \dots_{\color{red}{2}}
\right)
\\
&=\frac 12\cdot\left(1+
0.\ 0\color{blue}{110}\ 0\color{blue}{110}\ 0\color{blue}{110}\ \dots_{\color{red}{2}}
\right)
\\
&=\frac 12\cdot1.\ 0\color{blue}{110}\ 0\color{blue}{110}\ 0\color{blue}{110}\ \dots_{\color{red}{2}}
\\
&=0.1\ 0\color{blue}{110}\ 0\color{blue}{110}\ 0\color{blue}{110}\ \dots_{\color{red}{2}}\ .
\end{aligned}
$$
Computer check:
sage: sum( [ 2.^-k for k in [1, 3,4, 7,8, 11,12, 15,16]] )
0.699996948242188
sage: sum( [ 2.^-k for k in [1, 3,4, 7,8, 11,12, 15,16, 19,20, 23,24, 27,28]] )
0.699999999254942
Note: The number can be stored exactly as a fraction, but not in binary representation.
Note: Add $711$ in binary for the final answer.