source of this query is Nova's
@maihuna, the logic of this question and its OA (3/16) are counter-verse with my logic and solution. I got answer 1/4, and I hope this approach will withstand critiques here...
pin=ABCD, P(A)=P(B)=100% OR 1
total possibilities for CD (order matters)=4P2= 4!/2!=24/2=12
1st trial, P(success) = 1*1*(1/12) = 1/12 Yes, if No 11/12 proceed to below
2nd trial, P(success) = 1*1*(1/11) = 1/11 Yes, if No 10/11 proceed to below
3rd trial, P(success) = 1*1*(1/10) = 1/10
total probabilities =1/12 + (11/12)*(1/11) + (11/12)*(10/11)* 1/10 = 3/12 OR 1/4
I am considering the way Sarah guesses on her pin-code is an educated guess

that is she first arranges the set of digits out of possible 4 {6,7,8,9} and she should get the total of 12 possible arrangements. Then every time she has success or failure in the selection of pin-code she either gets access to money (account) or crosses out the unsuccessful set (of two digits). However the problem says that Sarah randomly guesses her last two digits - she's nervous

she wants money badly

she can't handle permutations

- enough she does random way or simple 4*4 = total 16 ways every time.
maihuna wrote:To me it is coming out to be 3/16 assuming she tries differently in all three times:
There are a total of 4*4=16 possibility.
Success by Sarah: 1st, 2nd, 3rd trials --> (1/4)*(1/4) OR 1/16; Failure by Sarah: 1st, 2nd, 3rd trials --> 15/16
simple calc (1/16)*3=3/16
Failure in 1st try = 15/16, in 2nd, 14/15, in 3rd 13/14 <-- victim of Nova's Sarah logic
Total chance of failure = (15/16)*(14/15)*(13/14) = 13/16
So chances of success : = 1-13/16 = 3/16
I may be wrong though in case I am missing some key principle of independent events.