Update file is named RancherUpdate.exe. This file is a self-extracting zip file. The default target folder is c:\program files (x86)\worldofranching\rancher
If you are using Windows 8.1, Windows 8.0 or Windows Vista, the default target folder should be correct.
If you are using Windows XP – Change the extract target folder to c:\program files\worldofranching\rancher
To verify the correct target folder, on your desktop,