A company uses a ranking system of values from 0 to 5 todetermine pay raise percentage and new salary for employees.Create the code for a python application that prompts the user forthe annual performance ranking for an employee and their currentsalary. Your code should use the annual performanceranking to determine the pay raise percentage based on the tablebelow, then calculate the new annual salary ( salary + raise) indollars. Assume rankings are only 0 to 5 inclusive. Theemployee ranking must be greater than or equal to zero and lessthan 6. Your code should have statements to output thecalculated raise and new salary for each case.

Use the following table to determine pay raise percentage:

EmployeeRanking Pay raise%

0 0%

1 1.25%

2 2.0%

3 2.5%

4 3.25%

5 3.5%

Run with the following test cases:

Rank Salary

3 $76,000

5 $32,000

1 $52,000