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Computer PSU failure - voltages low - damage sustained?

A couple of weeks ago my computer would not boot (the fans all started but the power LED appeared to flicker). I measured some of the PSU (Thermaltake 705w 700 W, now eight years old) voltages and the 12 V output was 10.3 V and the 5 V output was 3.5 V. This is far outside of specification. I bought a new PSU (XFX TS 750 W - more than adequate), however the PC will not boot. I don't have a speaker connected to the motherboard so I have ordered one so I can hopefully get a beep code.

In the mean time I was wondering whether anyone could advise on:
  • the probable mode of failure of the PSU (now eight years old; I've opened and inspected it and can't see any obvious damage).
  • the possible damage sustained by the other components (I was under the impression that under voltage was not a risk but now I'm not so sure).
At least with the new PSU the power LED isn't flickering but that's the only discernible difference at the moment.
 
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