How we represent numbers has little to do with their actual value.
1/3 = .333... repeating.
That's not to say the problem doesn't "end." It just means that within our base 10 number system, it can't be expressed with an "end" (besides of course any notation used to symbolize endless repetition.)
0.333.. is just as exact and rational as 0.5. Merely how we represent them varies.
KEY:
No, it isn't an approximation. 0.3333..., with the dots meaning "the 3's keep repeating" is exactly the same as 1/3.
This is correct.
You can see it, in front of you with long division.
Divide 3 into 1, behind the decimal, so 3 into 10, essentially.
3 goes into 10 3 times, with a remainder of 1, so 3 into 10 again.
3 STILL goes into 10 3 times, with a remainder of 1.
You will be doing this infinitely, therefore a representing an infinite line of 3's is EXACTLY equal to 1/3.
Another confusion people often have with this is that they tend to think of repeating decimals as "growing." In other words, they think that since we can never write an infinite number of 3's, the number never "reaches" 1/3. .3 repeating is a number, it's value doesn't "grow" or "reach" anything, it has a fixed, exact value, which is 1/3.
This ties in with misconception that pi or any irrational number don't have fixed, exact values, which they do. Pi's exact value can be described as the circumference divided by the diameter of any circle, or pi. Just because I can't adequately write its exact value in decimal form doesn't mean it has no exact value.