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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 on_open(self, callback, period):
 """ Initialize a new timer. :param callback: The function or coroutine function to call on each tick. :param period: The interval of time between two ticks. """

        super().on_open()
        self.callback = callback
        self.period = period
        self.reset_event = asyncio.Event(loop=self.loop)