How would you answer? - Interview Question

You can prepare for hours and days for important interviews, but it's possible to be presented with a question which you don't know the answer to. When this happens, what's the best way to answer? For example, I was presented with the following scenario:

"You have 50 black and 50 red balls, and 2 boxes. You can put the balls in any of the two boxes in any way that you want. How can you maximize the probability of choosing a red ball?"

When put on the spot, I didn't have the correct answer, but my interviewer was nice enough to tell me the answer at the end. (I didn't end up with a second round interview.) What do you do when you don't know how to answer a question? I always stick with being honest but I'm not sure if complete transparency is the best approach.

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