Pi, being irrational, has an endless number of digits to the right of the decimal, as you know. But for almost any application, even basic engineering, a value of 3.1417 is highly accurate.
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22/7 I think is the closest fraction you will get. By definition it is irrational, and cannot be written as fraction of integer numbers. There are a few fractions that are close approximates though. Pi cannot be technically written as a fraction. However, a fraction that is a close approximation of pi is 22/7.
You can either 1)You can divide out the fraction used for pi then multiply by the diameter or 2)Put the diameter over 1 then multiply across with the fraction used for pi.
"Not as a decimal or fraction as there are an infinite number of digits." This is a common and useful answer. The *correct* answer is that PI is firstly an irrational number that cannot be calculated from any ratio (fraction). Secondly, PI is a transcendental number that, by the definition of "transcendental", cannot be exactly calculated. The nest you can do is to apply an infinite convergent series that becomes more and more accurate with more and more decimal places.