Answer: first option, 1/4.
Step-by-step explanation:
1) Every drop is an independent event. So, the joint probability is the product of the individual probabilities.
2) The fact that the piece ot toast landed once time with the cream cheese side up, does not affect the next two drops.
3) Since, the piece of toast landed the first time with cream cheese side up, the probability that it it will have landed cream cheese side up a total of three times is the probability that it will have landed two more times with cream cheese side up.
3) The probability that the piece of toast will have landed cream cheese side up two more times is 1/2 × 1/2 = 1/4. And that is the answer to the question.