Not sure why you want to do this (it's schoolwork)? Anyway, this is my version:
word = input('input word you want to change letters in: ')
chars = tuple(word)
change_this = input('Enter the letters you want to change: ')
replace_with = input('Enter the letters to replace with: ')
if len(change_this) != len(replace_with):
raise RuntimeError(
"Letters to replace must be equals in number to letters you want " +
"to change"
)
change_chars = tuple(change_this)
replace_chars = tuple(replace_with)
new_chars = []
for ch in chars:
try:
i = change_chars.index(ch)
except ValueError:
new_chars.append(ch)
else:
new_chars.append(replace_chars[i])
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