I just go crazy with a sample question, please help me out of my misery:

A stock price rose in three of the previous four quarters; the probability of an increase in price is 65%. Based on the data collected and using a **Bernoulli trial** , the probability that the stock price will rise in three or fewer quarters is closest to: **A. 3.1%.** B. 27.5%. C. 42.2%.

Right is 3,1% but I don´t get why the calculation has to be like:

P(x) = (4 over 3) * P^4 * (1-p)^3 as the formula is stated as P(x)= (n over x) * p^x * (1-p)^n-x