First, convert everything to a an improper fraction by multiplying the "number" part by the denominator and add the numerator. Then put it over the denominator.
3 2/3: 3*3+2=11 11/3
4 1/2: 4*2+1=9 9/2
Next, multiply 11/3 by 9/2 by multiplying numerator by numerator and denominator by denominator. This equals 99/6.
Now find it as a mixed number. Divide 99 by 6 to get 16 with a remainder of 3. Put the remainder over 6. So 16 3/6. Simplify to get 16 1/2.