Step 1: Define the events
Let \( E_1 \) be the event that the lost card is a King, and \( E_2 \) be the event that the lost card is not a King. Let \( A \) be the event of drawing a King from the remaining 51 cards.
Step 2: Assign probabilities to the events
\[
P(E_1) = \frac{1}{13}, \quad P(E_2) = \frac{12}{13}, \quad P(A|E_1) = \frac{3}{51}, \quad P(A|E_2) = \frac{4}{51}
\]
Step 3: Use Bayes' Theorem
The required probability is \( P(E_1|A) \), which is given by:
\[
P(E_1|A) = \frac{P(A|E_1) \cdot P(E_1)}{P(A|E_1) \cdot P(E_1) + P(A|E_2) \cdot P(E_2)}
\]
Substituting the values:
\[
P(E_1|A) = \frac{\frac{1}{13} \cdot \frac{3}{51}}{\frac{1}{13} \cdot \frac{3}{51} + \frac{12}{13} \cdot \frac{4}{51}} = \frac{\frac{3}{663}}{\frac{3}{663} + \frac{48}{663}} = \frac{3}{51} = \frac{1}{17}
\]
Step 4: Final result
The probability that the lost card is a King is \( \frac{1}{17} \).