Hi there!
To round we need to know our decimal places
118.380 <--- this is the thousandths place
| ^--- this is the hundredths place
^--- and this is the tenths place
To round to the nearest hundredths, we need to know the thousandths digit. If the thousandths digit is less than 5, then the hundredths digit stay the same. But if the thousandths digit is 5 or more, then the hundredths digit goes up one.
In this case, the hundredths digit stays the same because the thousandths digit is 0. So your answer is 118.38