Determine the probability of drawing three yellow chip


Task: An urn contains 7 blue and 3 yellow chips. If the drawing of chips is done with replacement, determine the probability of:

(a) Drawing three yellow chips.

(b) Drawing a blue chip on the first draw and a yellow chip on the second draw.

(c) Drawing a blue chip on the second draw given that a yellow chip was drawn on the first draw.

(d) Drawing a yellow chip on the second draw given that a blue chip was drawn on the first draw.

(e) Drawing a yellow chip on the second draw given that a yellow chip was drawn on the first draw.

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Accounting Basics: Determine the probability of drawing three yellow chip
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