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Have you ever needed to find the minimum and maximum values in a list in Python? It's a common task, and can be easily accomplished using a simple algorithm.

To start, we'll create a list of numbers and initialize two variables `l_min`

and `l_max`

with the first element in the list. We'll then iterate through the list, comparing each element to `l_min`

and `l_max`

. If the current element is less than `l_min`

, we'll assign it to `l_min`

. If it's greater than `l_max`

, we'll assign it to `l_max`

.

Here's the complete code for finding the minimum and maximum values in a list:

```
L = [40,60,12,88,43,22,75,29]
l_max = L[0]
l_min = L[0]
for x in L:
if x < l_min:
l_min = x
if x > l_max:
l_max = x
print("Minimum Number", l_min)
print("Maximum Number", l_max)
```

And that's it! With just a few lines of code, we've been able to find the minimum and maximum values in a list. Whether you're a beginner or an experienced programmer, this algorithm is sure to come in handy at some point in your coding journey.