One way might be as follows:
The nearest square to 47 is 49; and 47 = 49 - 2 or 47 = 49*(1-2/49)
Now take the square root of this:
[49*(1-2/49)]1/2 = 491/2*(1-2/49)1/2 = 7*(1-2/49)1/2.
Perform a binomial expansion of the term in brackets: (1-2/49)1/2 = 1 - (1/2)*2/49 + higher order terms.
The higher order terms get smaller and smaller, so drop them to get (1-2/49)1/2 ≈ 1 - 1/49 = 48/49
Then 471/2 ≈ 7*48/49
7×4849=487=6.8571428571428571
or 471/2 ≈ 6.86
Compare this with:
√47=6.8556546004010441
The approximate value above agrees to 2 decimal places.