1. **State the problem:** Evaluate and express in standard form the sum $$(7.01 \times 10^6) + (5 \times 10^5).$$ 2. **Recall the rule:** To add numbers in scientific notation, they must have the same power of 10. 3. **Rewrite the terms with the same exponent:** $$7.01 \times 10^6 + 5 \times 10^5 = 7.01 \times 10^6 + 0.5 \times 10^6$$ 4. **Add the coefficients:** $$7.01 + 0.5 = 7.51$$ 5. **Write the sum in standard form:** $$7.51 \times 10^6$$ 6. **Final answer:** The sum expressed in standard form is $$7.51 \times 10^6.$$