With an infinite amount of time:
The final (limiting) rectangle will be a golden rectangle with sides in the ratio of 1 : φ.
The side lengths of the rectangles as created will be in the ratio:
1 : 1 (the initial square)
1 : 2
2 : 3 → 1 : 1.5
3 : 5 → 1 : 1.666...
5 : 8 → 1 : 1.6
8 : 13 → 1 : 1.625
13 : 21 → 1 : 61538....
21 : 34 → 1 : 1.619047....
34 : 55 → 1 : 1.617647....
55 : 89 → 1 : 1.6181818....
89 : 144 → 1.61797752.....
144 : 233 → 1.6180555....
233 : 377 → 1.6180257....
377 : 610 → 1.6180371....
610 : 987 → 1.6180327....
987 : 1597 → 1 : 61803444...
1597 : 2584 → 1 : 1.6180338...
2584 : 4181 → 1 : 1.6180340....
4181 : 6765 → 1 : 1.6180339....
6765 : 10946 → 1 : 1.6180339.....
The golden ratio φ = 1.6180339.....
So if you start with a 1mm square, when you get to a 55mm by 144mm rectangle it is approximately a golden rectangle. By 144 mm by 233 mm it is closer still (and probably as accurate as you can measure).
You may recognise the first column as the Fibonacci sequence - the ratio of each term to the next term gets closer to the Golden Ratio as the sequence proceeds.
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It is formed when its two sides are in the ratio of 1 : phi.phi = 1/2*[1 + sqrt(5)]
phi is incorperated into the golden rectangle, because if you divide the longer side of the golden rectangle by the shorter sid, the answer will be phi.(1.168...)
The Golden Rectangle was believed to be founded by Pythagoras. The Golden Rectangle was used for many Greek Buildings such as the Parthenon, and the Villa Stein.
To make it a golden rectangle the sides should be in 1:0.618 ratio. Lets say your width is made of a + b. a and b are in golden ratio. THis gives a + b = 3.5 <---- equ 1 b = .618 a (because they are in golden ratio) substitute to equ 1 1.618a = 3.5 a = 3.5/1.618 = 2.163 b = 1.336 now you can construct your sides with a = 2.163 to have a golden rectangle
A rhombus is formed.
You know the golden rectangle? Well it is in lots of parts of nature. From sea shells to galaxies. It is also a favorite in art and style.