Lots of people did this; the accuracy increased over time.
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Suppose you want to calculate the area of a circle with a radius of 10 cm.If you use pi = 3.14 the area will be calculated as 314 cm^2if, instead, you use pi = 3.145159, the area will be 314.5159 cm^2if you use pi, as used by Excel on my computer, you will get 314.159265358979 cm^2.If you use the most accurate value of pi (currently around 10 trillion digits) you will get a more accurate value of the area.The difference between the calculated value and the true value is the truncation value.
No one has ever found the exact value of pi because it is an irrational number that can't be expressed as a fraction and its value has been calculated to more than two trillion digits yet still not found exactly.
"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.
One third times pi can be calculated by multiplying 1/3 by the value of pi, which is approximately 3.14159. Therefore, 1/3 times pi equals approximately 1.0472. This can be simplified to the fraction 10472/10000 or the mixed number 1 and 472/10000.