You will be designing a simple application program in python to calculate simple and compound interest. Please provide the psuedocode as well as the output using the below:

Scenario: To calculate the Simple and Compound Interests, you will request the following inputs from the user. P The principal amount R = The rate of interest in % (per annum) Y - Time duration in Number of year M = Number of Months Once you have the inputs, you will use the following formulae to calculate Simple and Compound Interests and print them. For compound interest, assume that the interest is compounded annually. Simple Interest P x N x r Compound Interest-(Px (1r)A N) -IP Before applying the formulae to the inputs, you need to perform appropriate conversions. Please note that the formulae replace M, Y and R with N and r. Where N is the time period in years obtained by combining Y (years) and M (months). Therefore, N will have a fractional part if M is non-zero. Similarly r is obtained by dividing R by 100. The conversion works as follow: N = Y + M/12 r R/100 Procedure: Design Your Solution: Before you start coding, think about the inputs, outputs and processing, and design your solution. Write down your pseudocode. You are required to include the pseudocode in your submission. Refer to grading rubric on the last page for grading guidelines. Coding: Use the pseudocode to write a python solution for the given task. But, before that, familiarize yourself with the different operators in python by running simple statements in python shell. Once you develop an understanding of the basic constructs that you will be using in your code, you will be more confident in using them in your program. Use meaningful variable names and provide appropriate prompts for the input and output statements. Look at example solutions in your lab slides. And don't forget to use comments where necessary