Final answer:
The probability of randomly drawing the chip numbered 526 from a box of 739 numbered chips is 1/739, or 0.0014 when expressed as a decimal rounded to four decimal places.
Step-by-step explanation:
The probability of reaching into the box and randomly drawing the chip numbered 526 is calculated by dividing one favorable outcome by the total number of outcomes. Since there are 739 identical plastic chips numbered from 1 through 739, the total number of outcomes is 739. There is only one chip with the number 526, representing a single favorable outcome. Therefore, the probability is 1 divided by 739.
The simplified fraction for this probability is 1/739 and as a decimal rounded to four decimal places it is 0.0014. When calculating probability problems or dealing with relative frequency, it is common to round to a certain number of decimal places to provide a precise answer, which in this case is four decimal places as instructed.