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In this tutorial, Oscar Veliz explains how to use fixed point iteration to find roots of functions. To apply this method, first set f(x) to zero and rewrite it in terms of x. Label x as x sub n plus one on the left and x sub n on the right. Choose an initial x value and plug it into the equation, repeating the process until convergence. For example, when finding roots of x squared minus x minus one equals zero, set x equal to one plus one over x. Another approach is to rewrite x squared minus x equals one as x equals one. These steps help in utilizing fixed point iteration effectively.