What does list.insert() in actually do in python?

Question

I have code like this:

squares = []
for value in range(1, 5):
    squares.insert(value+1,value**2)

print(squares)
print(squares[0])
print(len(squares))
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Answer 1

Basically, it's similar to append, except that it allows you to insert a new item at any position in the list, as opposed to just at the end.