A 720 is more than okay. For every MBA program you are within one SD of the mean, if not higher than the mean. There's no reason to retake it. You have a balanced score that will more than just satisfy an adcom. Your GPA is great so you don't need a higher score. I'd go so far as to say a higher score will do nothing for you. You've reached the threshold and an extra 40 points won't make you any better of a candidate at this point. If you'd scored a 680 I would tell you to retake it. However, in your case you'd seriously be wasting your time chasing a score.
The Brain Dump - From Low GPA to Top MBA (Updated September 1, 2013) - A Few of My Favorite Things--> http://cheetarah1980.blogspot.com