1. The problem asks for the place value of the digit 4 in the number 12.34. 2. Place value refers to the value of a digit depending on its position in the number. 3. In the number 12.34, the digits are placed as follows: 1 is in the tens place, 2 is in the ones place, 3 is in the tenths place, and 4 is in the hundredths place. 4. The place value of a digit in the hundredths place is calculated as $4 \times \frac{1}{100} = 0.04$. 5. Therefore, the place value of 4 in 12.34 is $0.04$.