Question 1209929
Let's break down this problem step by step.

**1. Understand the Problem**

* This is a future value of an ordinary annuity problem.
* The Pireras deposit $180 at the end of each month.
* The interest rate is 3% per year, compounded monthly.
* The time period is 4 years.

**2. Identify the Variables**

* Monthly payment (PMT) = $180
* Annual interest rate (r) = 3% = 0.03
* Monthly interest rate (i) = r / 12 = 0.03 / 12 = 0.0025
* Number of years (t) = 4
* Number of payments (n) = t * 12 = 4 * 12 = 48

**3. Apply the Future Value of an Ordinary Annuity Formula**

The formula is:

FV = PMT * [((1 + i)^n - 1) / i]

Where:

* FV = Future Value
* PMT = Monthly Payment
* i = Monthly Interest Rate
* n = Number of Payments

**4. Calculate the Future Value**

FV = 180 * [((1 + 0.0025)^48 - 1) / 0.0025]
FV = 180 * [((1.0025)^48 - 1) / 0.0025]

Let's calculate (1.0025)^48 first:

(1.0025)^48 ≈ 1.1273383

Now, plug that into the formula:

FV = 180 * [(1.1273383 - 1) / 0.0025]
FV = 180 * [0.1273383 / 0.0025]
FV = 180 * 50.93532
FV ≈ 9168.3576

**5. Round to the Nearest Cent**

FV ≈ $9168.36

**Answer:** The Pireras will have approximately $9168.36 in their travel fund at the end of the fourth year.