Hi bengfriedlander,
First off, a 720/Q46 is an outstanding Score - and you can comfortably apply to just about any Business Schools that interest you. As such, a retest is probably not necessary. Depending on the Programs that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/Many GMATers find the respective Quant and Verbal percentiles to be interesting. It's important to remember that the percentiles are not reflective of your performance against the Exam - they're reflective of your performance against other Test Takers. A Q46 is actually a strong overall performance in the Quant section, but lots of GMATers score at that level (or higher), so the percentile makes it appear as if it's not as great of a performance as your Verbal Scaled Score is. Business Schools understand all of this, so unless a representative from one of your chosen Programs specifically tells you that a Q46 is 'too low', then there isn't an issue with this Score. If you choose to retest, then there are some specific areas that you can work on to raise this Q46 - and I'll be happy to discuss all of that in more detail if you are interested.
GMAT assassins aren't born, they're made,
Rich