Consider the following scenario about using Python dictionaries:A teacher is using a dictionary to store student grades. The grades are stored as a point value out of $100.$Currently, the teacher has a dictionary setup for Term $1$ grades and wants to duplicate it for Term $2.$ The studentname keys in the dictionary should stay the same, but the grade values should be reset to $0.$Complete the "setup$\_$gradebook" function so that input like $""$J ames": $93,$ "Felicity": $98,$ "Barakaa": $8$o$\}"$ willproduce a resulting dictionary that contains $""$James$"$: $0,$ "Felicity": $0,$ "Barakaa": $0)".$ This function should:$1.$ accept a dictionary "old$\_$gradebook" variable through the function's parameters;$2.$ make a copy of the "old$\_$gradebook" dictionary;$3.$ iterate over each key and value pair in the new dictionary;$4.$ replace the value for each key with the number $0$;$5.$ return the new dictionary$\mathrm{.}124567891$e$1112$def setup gradebook $($old gradebook$)$ :# Use a dictionary method to create a new copy of the "old gradebook".# Complete the for loop to iterate over the new gradebook.for# Use a dictionary operation to reset the grade values to e$.$return new gradebookfall$\_$gradebook $=("$James$"$ : $93,$ "Felicity" : $98,$ "Barakaa": $80\}$print$($setup$\_$gradebook $($fall$\_$gradebook$))$# Should output ampc