It's almost right; since the very first of the repeating $7$'s happens $3$ places down, you should actually have
$$2.3 + \frac{1}{10} \sum_{n = 1}^{\infty} \frac{7}{100^n}$$
(since each factor of $100$ moves the number two places to the right. Now since you want to find a fraction, you should evaluate the series:
$$= 2.3 + \frac{7}{1000} \sum_{n = 0}^{\infty} \frac{1}{100^n} = 2.3 + \frac{7}{1000} \frac{1}{1 - \frac{1}{100}}$$
which can obviously be simplified.
For a more direct way to proceed, notice that if $s$ is the given number, we have that
$$100 s - s= 230.70707... - 2.3070707... = 228.4$$