I don't know if I did it right but here's my guess. I think you multiply 7 by 20% and that gives you 1.40 as a result. Compared to the other method I used (division), I'm pretty sure I'm right since the other result was 35. Doesn't make sense if the end amount was $7.
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$70 into 1:2:4
1+2+4 = 7
7 parts= $70
1 part = $70/7 ($70 divided by 7)
1:2:4 = $10:$20:$40
answer= $10:$20:$40
Hope this helps!! :)