Mathematically, What is the difference between asking for the answer rounded and approximated?
i.e. If we have x = 2.4564, and we want x to the nearest two decimal places. What's the best way to ask? ... rounding your answer to the nearest two decimal places? or ... approximating your answer to the nearest two decimal places?
and which one is more common?
I've tried to search about it and didn't find any source talking about it.
Rounding is to take the nearest number with a given number of digits. To approximate is to give any number nearby, not necessarily with a finite number of digits.
For example, x=2.4564 is rounded to 2.46 with two decimal places, and $\frac {211} {90} = 2.455555...$ is an approximation of x within 0.2%.
So every rounding is an approximation (in the set of numbers with a finite number of digits), but not all approximation are rounding. And if you round to the nearest n-decimal place, you usually approximate near a fraction within a certain percentage.