Method 1 - WinBox "Drag & Drop"

Download latest version from: http://www.mikrotik.com/download.html

Documentation: http://wiki.mikrotik.com/wiki/Upgrading_RouterOS

Go to MikroTik official website, select the latest Stable version for RB700 series, download the Combined package to your computer.

Login to WinBox, go to Files

Drag & drop the downloaded package to the File list section

DO NOT touch anything until the copying function complete!

Rec-confirm the package is copied completely.

Go to System and select Reboot

DO NOT touch or do anything, WAIT until it's fully rebooted & upgraded !!

It may take few minutes, once the router's lights blinking, wait again for a min before re-connect WinBox again.

Once the upgrade completed successfully, re-login to WinBox again.

Noticed the version has been upgraded to v4.16