Consider the complex number $z = 3 + 4i$. To find the magnitude of this complex number, we use the formula for the magnitude of a complex number $z = a + bi$, which is given by:
$$ |z| = ext{sqrt}(a^2 + b^2) $$
where $a$ is the real part and $b$ is the imaginary part. In this case, determine the magnitude of the complex number $z$. Your answer should be expressed as a decimal rounded to the nearest hundredth and also as a fraction.