Document file size increases with EMF, PNG, GIF, or JPEG graphics in Word

KB Article: https://support.microsoft.com/kb/224663
INTRODUCTION
When you save a Microsoft Word document that contains an EMF, PNG, GIF, or JPEG graphic as a different file format (for example, Word 6.0/95 (*.doc) or Rich Text Format (*.rtf) ), the file size of the document may dramatically increase.

For example, a Microsoft Word 2000 document that contains a JPEG graphic that is saved as a Word 2000 document may have a file size of 45,568 bytes (44.5KB). However, when you save this file as Word 6.0/95 (*.doc) or as Rich Text Format (*.rtf) , the file size may grow to 1,289,728 bytes (1.22MB).