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The square root of 72 is an irrational number and there is no such thing as a best approximation for any irrational number. By definition, all irrational numbers are represented by infinitely long decimal strings and it is always possible to improve the approximation by calculating the value to one more decimal place. 8.48528 should be sufficiently accurate for most purposes.
The answer depends on what the irrational number is!
If the simplified form of an expression contains an irrational number and a numerical evaluation is required then it is necessary to use a rational approximation.
It is the decimal approximation to the value of the irrational number.
Pi does not represent 3.14. Pi represents the ratio of the circumference of a circle to its diameter. Pi is an irrational number. 3.14 is but the crudest approximation of pi. A better approximation is 3.1416. Still better is 3.14159. The closest approximation commonly used in real-world applilcations is 3.14159262. If anything, 3.14 represents pi, and represents it very imprecisely. As for why the term "pi" was chosen to represent this important concept in mathematics, it was chosen because it is the initial letter of the greek word for "perimeter".