Final answer:
The probability that the machine will fail during the year is approximately 0.2683, or 26.83%.
Step-by-step explanation:
To find the probability that the machine will fail during the year, we can find the complement of the probability that all three components function.
Probability that the first component fails = 0.14
Probability that the second component fails = 0.10
Probability that the third component fails = 0.05
The probability that all three components function = (1 - 0.14) * (1 - 0.10) * (1 - 0.05) = 0.86 * 0.9 * 0.95 = 0.7317.
Therefore, the probability that the machine will fail during the year is approximately 1 - 0.7317 = 0.2683, or 26.83%.