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Let (''X'', d) be a non-empty [[complete metric space]]. Let ''T'' : ''X'' <tt>-></tt> ''X'' be a ''[[contraction mapping]]'' on ''X'', i.e: there is a [[real number]] ''q'' < 1 such that
:<math>d(Tx,Ty) \
for all ''x'', ''y'' in ''X''. Then the map ''T'' admits one and only one fixed point ''x''<sup>*</sup> in ''X'' (this means ''Tx''<sup>*</sup> = ''x''<sup>*</sup>). Furthermore, this fixed point can be found as follows: start with an arbitrary element ''x''<sub>0</sub> in ''X'' and define an [[iterative method|iterative]] sequence by ''x''<sub>''n''</sub> = ''Tx''<sub>''n''-1</sub> for ''n'' = 1, 2, 3, ... This sequence [[limit (mathematics)|converges]], and its limit is ''x''<sup>*</sup>. The following inequality describes the speed of convergence:
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