(8 Marks) 1. Ministry of Labor asked you to create a python program to calculate new basic salary based on the yearly increment in the basic salary. Write a python program using chained conditional statements to do the following. a. Accept basic salary and grade of the employee. b. The grade of the employee is either A or B or C. c. If the grade of the employee is "A", then the increment in basic salary is 50 d. If the grade of the employee is B, then the increment in basic salary is 25. e. If the grade of the employee is C, then the increment in basic salary is 10. f. If grade is other than A,B or C, display a message "Invalid Grade entered" g. Calculate and display the new basic salary using below formula: new BaiscSalary-basicsalary + increment h. Display the old basic salary and the new basic salary as given in the sample output. Sample Output: Enter Your basic Salary: 1500 Enter Your Grade: A The old basic salary is: 1500.0 and the new Basic salary is: 1550.0