π (pi) is the ratio of a circle's circumference to its diameter. It is an irrational and transcendental number represented by the Greek letter π. William Jones is believed to have first used π in its modern sense in 1706 to represent the constant ratio, rather than a varying circumference. Important formulas using π include the circumference of a circle (2πr), area of a circle (πr^2), and volume/surface area of a sphere. While π cannot be expressed exactly as a fraction, it is commonly approximated as 22/7 or 3.14159.