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What extraordinary Indian mathematician created a formula to rapidly the value of pi?

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Ramanujan
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Is there a formula for calculating the value of pi?

Yes. There are several, but some are "hard to use" or "hard to understand" and some other ones, particularly the "simple and easy" ones take a lot of work (a lot of steps) to

Who created the formula for determining the value of pi?

  archimedes, pi is the name of the greek letter p, which was used as the shortened version of the greek word perimeter,or circumference of a circle.   archimedes was l