Answer
The printout of the given code will be-
{'john', 'peter'}
{'john', 'peter'}
{'john', 'peter', 'peterson'}
{'john', 'peterson'}
Work Step by Step
In the given code students is a set hence it can only contain one copy of each element. According to this new students are added and removed from the set as shown in the given code and the above mention printout is recieved.