You are writing a line of code that should ask the user to input the balance of their bank account in dollars and cents. The program will then perform a multiplication problem to tell the user how much interest they can earn. Identify three errors in your line of input code and explain why they are incorrect. Include the corrected line of code in your answer. Here is the code:

1num = input(What is your balance?)

1. The variable name "1num" is invalid because variable names cannot start with a number. It is better to use a name like "balance" instead.

2. The input prompt message is missing quotation marks around it. It should be enclosed in quotation marks for it to be treated as a string.
3. The ending parenthesis is missing after the input statement, causing a syntax error. The pair of parentheses should be included at the end of the statement.

Corrected line of code:
balance = input("What is your balance?")