
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
A factory produces a certain type of component that undergoes two processes. The probability of producing a defective component in the first and second processes is 0.01 and 0.03, respectively. The production of defective components in each process is independent. What is the probability that the component is of acceptable quality after undergoing both processes? (Round to three decimal places)

Present the answer in LaTex format: \boxed{Your answer}
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