If a procedure meets all the conditions of a binomial distribution except that the number of trials is not fixed, then the geometric distribution can be used. The probability of getting the first success on the xth trial is given by P(x) =

p(1−p)x−1, where p is the probability of success on any one trial. Assume that the probability of choosing a yellow piece of candy in a bag of hard candy is 0.240. Find the probability that the first yellow candy is found in the fourth inspected. Round your answer to the nearest thousandth.