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There is a algorithm, in which author has written steps of algorithm like this,

1.initialization:set up the threshold (th) and maximum iteration number, $I$.

$i\leftarrow 0$

2.calculate x

while (x>th) do

$i\leftarrow i+1$

...

end while

what does this left arrow means here?

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It means "set", or assignment. So in most syntax, those lines are i = 0 and i = i + 1. This was probably avoided because in math, $=$ means ==, and assignment isn't a useful concept.

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