Approximating the Golden Ratio

Use the formula for φ to successively improve an approximation:

φ0 = 1
φ1 = 1 + 1/φ0
φ2 = 1 + 1/φ1
φ3 = 1 + 1/φ2
.
.
.

It is possible to show that the error of each approximation x/y is less than 1/y2.