1. Open the example_utf8.txt file and display its content:

>>> with open('example_utf8.txt') as file:
...     print(file.read())
...
20£

2. Try to open the example_iso.txt file, which will raise an exception:

>>> with open('example_iso.txt') as file:
... print(file.read())
...
Traceback (most recent call last):
  ...
UnicodeDecodeError: 'utf-8' codec can't decode byte 0xa3 in position 2: invalid start byte

3. Open the example_iso.txt file with the proper encoding:

>>> with open('example_iso.txt', 
              encoding='iso-8859-1') as file:
...     print(file.read())
...
20£

4. Open the utf8 file and save its content in an iso-8859-1 file:

>>> with open('example_utf8.txt') as file:
...     content = file.read()
>>> with open('example_output_iso.txt', 'w',
               encoding='iso-8859-1') as file:
...     file.write(content)
...
4

5. Finally, read from the new file in the proper format to ensure it is correctly saved:

>>> with open('example_output_iso.txt', 
              encoding='iso-8859-1') as file:
...     print(file.read())
...
20£