This is what I would do.
The general formula for the circumference of a circle is
[tex]2\pi \: r[/tex]
where r is the length of the radius of the circle. Simply use the formula to find r so that you can draw the circle:
[tex]2\pi \: r = 3.14 ^{2} inches \\ r = \frac{3.142 ^{2} }{2\pi} = 1.571 \: inches [/tex]
Now, draw a circle with a radius of 1.571 inches. This number has been rounded up to 3 significant figure. Hope this helps!
