Rate of convergence vs number of iteration

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Can anyone explain to me the difference between rate of convergence and number of iterations for a numerical algorithm? Is it correct to say rate of convergence measure how fast the sequence approach a limit and that the higher rate of convergence means the better?

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The number of iterations measures how long you choose to run the algorithm.

The rate of convergence measures how accurate your answer will be depending on how long you choose to run the algorithm.