Method 1 - WinBox "Drag & Drop"
Download latest version from: http://www.mikrotik.com/download.html
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