Concept:
When objects are drawn without replacement, probabilities change after each draw because the total number of objects decreases.
Probability of an event is:
\[
P(E)=\frac{\text{Favorable outcomes}}{\text{Total outcomes}}
\]
For successive events without replacement, probabilities are multiplied.
Step 1: Find the total number of balls.
The bag contains:
\[
5 \text{ red balls}
\]
and
\[
3 \text{ blue balls}
\]
Therefore total balls:
\[
5+3=8
\]
Step 2: Find probability that the first ball is red.
Number of red balls initially:
\[
5
\]
Total balls initially:
\[
8
\]
Thus,
\[
P(\text{first red})
=
\frac58
\]
Step 3: Find probability that the second ball is also red.
Since one red ball has already been removed:
\[
\text{Remaining red balls}=4
\]
and
\[
\text{Remaining total balls}=7
\]
Hence,
\[
P(\text{second red} \mid \text{first red})
=
\frac47
\]
Step 4: Multiply the probabilities.
\[
P(\text{both red})
=
\frac58\times\frac47
\]
\[
=
\frac{20}{56}
\]
\[
=
\frac{5}{14}
\]
Thus,
\[
\boxed{\frac{5}{14}}
\]
Hence the correct answer is:
\[
\boxed{(D)\ \frac{5}{14}}
\]
Note:
The provided answer key appears incorrect. The mathematically correct probability is:
\[
\boxed{\frac{5}{14}}
\]