It was inititially recognised as the ratio between the radius and circumference of a perfect circle. The radius times "Pi" equals the circumference of a perfect circle.
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PI the 16th greek letter is the circumference divided by the diameter of a circle. For example 40.5/12.89 = PI.
3.14 is short for pi. Pi can go on forever and ever. It's just a rounded number of pi to make things easier to understand.
3.1415926535897932384626433832795…
Greek.
The Greek alphabet.