If 3% of ties sold in the united states are bow ties, what is the probability of randomly selecting three ties that were purchased and all three were bow ties?

Given that 3 ties were selected and the probability of selecting a bow tie is 3%, the probability of selecting 3 bow ties will be:
P(selecting 3 ties)=P(selecting a bow tie)*P(selecting a bow tie)*P(selecting a bow tie)
=(0.03)*(0.03)*(0.03)
=0.000027