As noted, iteration is kind of a broad topic. One way it is used i
math is to find the roots of equations (ie given y=f(x) what value(s
of x cause y=0). Several different algorithms out ther
(Newton-Raphson, secant, bisection, etc. any decent numerical method
text should describe). Basically the idea is to "guess" at the root
then, from information in the function, make a second (hopefull
better) guess and continue iterating until the algorithm converges t
an answer. Such methods aren't foolproof; there are cases where
given algorithm will fail to converge, or converge to the wrong answer
or diverge. Properly understood and applied, numerical method
represent a good way of solving problems for which no analytic solutio
exists