The question is. Help please.

The amount which should be invested at 4.5% per annum simple interest, if you require $15 700 in three years’ time, is closest to

I didn't do Further Maths in VCE, so if someone could please check if my method is what is intended by the course that would be great.

Using \(F=P(1+rt)\implies P=\dfrac{F}{1+rt}\), we have \[P=\frac{\$15\,700}{1+0.045\!\times\! 3}=\$13\,832.60,\ \ \text{correct to the nearest cent.}\]