PYTHON CODE. KEEP OUTPUT SAME.
Implement the following:Given:item1 = 'Pens'item2 = 'Pencils'price1 = 0.99price2 = 1.5
Print twof-stringstatements to display the following according to the rules below:1) Item prefixed with 'New markdown:'2) Price prefixed with 'Buy one get one free: $'3) Item always has12 characters of space.4) Price is always displayed withtwodecimal places.
Example OutputNew Markdown: Pens Buy one get one free: $0.99New Markdown: Pencils Buy one get one free: $1.50
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