What do the three pedals on a piano do and how do they affect the sound produced by the instrument?

The three pedals on a piano are the sustain pedal, the soft pedal, and the sostenuto pedal. The sustain pedal allows notes to ring out longer by lifting the dampers off the strings. The soft pedal softens the sound by shifting the hammers closer to the strings. The sostenuto pedal sustains only selected notes, allowing them to ring while other notes are played without sustaining. These pedals affect the sound produced by the piano by altering the volume, tone, and duration of the notes played.