Good4you said:
So if Pi is an irrational number, and therefore has an infinite line of numbers after the decimal point; my intuition tells me it would take an infinite amount of time to determine its exact value.
Do you know the exact value of the number 1? I mean, do you really, reeeeally know the value?
To be technical, you're talking about writing down the digits of pi, yeah? Yes, it would take an infinitely long time to write down the digits.
As another poster said, the same is true of 1/3 and many rational numbers.
The difference is, of course, that all rational number eventually reach a fixed repeating pattern. We might say 1/3 = 0.(3), where the numbers between the ( ) are said to repeat. So 1/7 = 0.(142857).
This allows us to "write down" the value of all rational numbers in a finite way. Of course, we haven't actually written down all the digits, but we've given the reader enough information to figure out the rest of the digits on their own, to whatever precision they want.
But pi is irrational. This notation doesn't work. But that doesn't mean we can't figure out another technique that helps us achieve the same thing.
We might use a formula instead of a fixed number. Often, these take the forms of series. Here's a whole page of ways you can "write down" pi in a finite way:
http://en.wikipedia.org/wiki/List_of_formulae_involving_π#Efficient_infinite_series
Infinity doesn't really bother mathematicians much. Certain kinds of infinity are easy to work with. Others aren't. For example, there are an infinite number of integers, but that fact is so mundane and well-understood, it sounds funny to say it that way. A very important place for things NOT to be infinite is when you have to prove something or do something. If you can prove something in an infinite number of steps, you haven't proved anything. If you can do something, but it would take you infinitely long (writing down all the digits of pi), you can't actually every finish it. (You can't do it).
a) Do calculators and computers somehow know Pi's exact value or is it just an estimate?
Something I wondered when I was a kid.
Storing information in memory (be it a hand held calculator or PC) is the same as writing it down on paper. You can only write so much down. The more you write, the more paper (or memory) it takes.
Computers are discrete machines. They effectively only work with integers. "Real numbers" on a calculator are actually approximations. We use the term "floating point" number instead of "real number" to highlight this fact.
b) Are mathematicians out there that concern themselves with finding ever more accurate definitions of pi? Does at some point it become moot, and no practical application requires such accuracy?
Mathematicians, I think, generally don't care about the digits of pi. It's not really useful for what anyone does. Twenty digits is way more than anyone would actually ever need.
Pi is still interesting in other ways. It interacts with a whole lot of seemingly unrelated mathematics. However, knowing the digits rarely helps with finding these connections.