What we call AC voltage level is actually the RMS voltage, meaning Root, Mean, Squared, a complex form of averaging across a time period. The peak of that RMS voltage is higher than the RMS, by a factor of 1.41:1, but across time it appears lower in terms of what AC devices actually use/respond to.
But when you run the AC through a bridge rectifier, the diodes only conduct when the AC sine waves approach the actual peaks, so the net voltage created is a rippled DC level and if you smooth out the ripple with capacitors and/or inductors you end up at that 1.41 x ACRMS value for the DC.
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