Answer:
Step-by-step explanation:
This experiment converts mechanical energy to electrical energy. The movement of the magnet in and out of the coil is mechanical energy and the current induced in the circuit as a result of the magnet movement is electrical energy.
It should be noted that generally electromagnetic induction as described by faraday (and indeed the experiment described in the question) involves the transformation of mechanical energy into electrical energy. It's application is used in transformers, electric motors and generators.