Look at this link. *Media Guides > DVD Disc and Burner Formats*
http://www.digitalfaq.com/guides/media/dvd-formats.htm
Look at the Disc Sizes section. The actual capacity of 4.7GB discs is approximately 4.38GB. This is due to the way DVDs & hard drives are speced.
Probably the easiest way to understand this is to say that your DVD-R capacity really is 4.7GB (Giga Bytes) and that the quanity that the computer displays is actually a different unit of size alltogther called GiB (pronounced Gibi Bytes and meaning Giga-binary Bytes).
Now one GiBi is equal to about 1.074 GB, so if you do the maths (4.7/1.074) you find that 4.38 GiBi and 4.7GB are actually the same thing. The easiest way to think about it is that your computer incorrectly reports GiBi as being GB when they're actually two different things.
You need to remove one or more files from the dmg to get down to about 4GB.
Cheers, Tom 😉
