Is my bike good enough to compete in my Ironman 70.3?

Hi! I just signed up for my first half ironman and I am wanting to see if my " raleigh sr suntour nex 4110" bike would be good enough for the race. I am not necessarily looking to place high as it is my first ever triathlon, but I at least want my bike to go fast enough that I am somewhat competitive. If I am in need of a new bike, could I make modifications such as buy racing wheels or do I just need a new one all together? If I need a new one, what do you recommend! Ideally under $300 please.