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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def candidate_priority(candidate_component, candidate_type, local_pref=65535):
 """ See RFC 5245 - 4.1.2.1. Recommended Formula """

    if candidate_type == 'host':
        type_pref = 126
    elif candidate_type == 'prflx':
        type_pref = 110
    elif candidate_type == 'srflx':
        type_pref = 100
    else:
        type_pref = 0

    return (1 << 24) * type_pref + \
           (1 << 8) * local_pref + \
           (256 - candidate_component)