Following are the lives in hours of 15 pieces of the components of aircraft engine.

First of all arranging the data in ascending order of magnitude, we have

$694,696,699,705,710,712,715,716,719,724,725,728,729,734,745$

Here, $N=15$, which is an odd number

Therefore, median is the value of

$\left(\frac{N+1}{2}\right)=\frac{15+1}{2}$

$=8^{\text {th }}$ observation

$=716$