AMC 12 2001 Problem 11

A box contains exactly five chips, three red and two white. Chips are randomly removed one at a time without replacement until all the red chips are drawn or all the white chips are drawn. What is the probability that the last chip drawn is white?

$\text{(A) }\frac {3}{10} \text{(B) }\frac {2}{5} \text{(C) }\frac {1}{2} \text{(D) }\frac {3}{5} \text{(E) }\frac {7}{10}$