It normally refers to a rational number that can be expressed as fraction whereas an irrational number cannot be expressed as a fraction.
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the exact answer is no other # it is right on that point
A factor of a number.
The number e is what is known as a transcendental number; it would require an infinitely long decimal expansion to give you the exact number.
The exact square root is √6 or 60.5. It is an irrational number and so cannot be expressed in exact form as a decimal number.
When it would take much too much time to find an exact number and you don't need it to be exact.