***Code must be in PYTHON***

Code must be on PYTHON

With the help of an RESP (Registered Education Savings Plan), a parent can start putting aside money for a child's post-secondary education. Suppose that a young couple deposits $2,000 to start the savings plan, and each month thereafter they contribute some fixed amount ( $200/month). Assume that a fixed interested rate of 6.25% per year compounded monthly is applied. Each month the balance increases according to the following formula: New balance = Old balance + (Old balance * Monthly interest rate) + Monthly contribution (1) Since the university tuition fee increases over the years, you are asked to further analyze whether the saving is enough to cover the tuition fee for a 4-year study program when the child turns 18 and enters post-secondary education. You will help them analyze this for 3 different types University programs: Arts, Science, and Engineering, for which the average tuition fees in the current year are as follows: $5550, $6150, and $6550 respectively. The predicted average percentage of tuition increase each year is 7%. Each year the new fee due to the annual increase is calculated as follows: New cost = Old cost + (Old cost * Annual increase rate) (2) Version 1: Savings/Tuition Calculation Download and unzip the files in the V1Saving.zip file into your Current Folder. In Version 1 , you are asked to calculate the balance of the saving account in each month over 18 years, so the total saving by the end of the 18th year is known. Then calculate the predicted total tuition fee by the start of the 18th year, which should be the total fee over a 4-year university program (i.e. from year 19 to year 22). A for loop must be used for the above calculations. Display the final savings amount and tuition cost for the 3 programs numerically in the command console and graphically through a plot. Please use the provided lab3v1.py file to write your program. Remove or modify the exiting code to satisfy the above requirements. You can perform the following steps below ENCMP 100 Computer Programming for Engineers 1. Calculate the monthly balance of the savings plan for the next 18 years, based on the formula in equation (1). You must save the amount in a listdarray format. 2. Calculate the predicted tuition fee per year for the next 22 years, and then add up the fees over the last 4 college years (from the year 19 to year 22 ) to get the predicted total education cost for a 4-year program. 3. Display the final savings amount and tuition cost to 2 decimal spots by using the print statement. To visualize the results, you are also asked to plot the annual savings with respect to the number of years; plot a horizontal line (threshold) indicating the total tuition fee for each program on the same plot. There should be 3 horizontal lines (different colors for each) with each representing a different program. Finally, add a suitable title, label all axis and provide a legend. The output in the command window should match the image in the CommandOutputv1.jpg file that was unzipped. Your plot should also match (as close as possible) to the one in the image. Include a section comment header called Saving Calculation, Tuition Calculation, and Plot and summarize what the sections does