Finding the Absolute Value of a Complex Number

Consider the complex number $z = 3 - 4i$. The absolute value of a complex number, denoted by $|z|$, is given by the formula:

$|z| = \sqrt{a^2 + b^2}$

where $z = a + bi$ and $a$ and $b$ are real numbers. Calculate the absolute value of $z$, and express your answer as a decimal.