That's a power cable for your removed HDS Gen 3 unit. The red is +12V, the black is Ground, and the Yellow wire is an "accessory wake-up" wire. The yellow wire can be connected to a Sonar Hub (Lowrance audio system) box so that the audio system powers up whenever you turn on the HDS unit that the cable is attached to. Note that the Sonar hub would also have a 12V (red and black) connection, but the yellow wire works as your "automatic switch" to turn on the stereo, for instance.
It's actually good that's not what we were after. Transducers and their cable can never be cut. The transducer will always have it's cable attached, so you don't want that to be "it". When I say you have to look in the bilge, I mean literally the bilge, not just under the back deck. Where we are talking here is the lowest point on the inside of the hull - looking at the hole for the drain plug on the
inside of the boat. Think about how little of your boat touches the water when you are on plane. The transducer must be in that small area. It will always be in the center of the boat, in the very bottom at the actual hull with water on the other side, typically rather close to the drain plug. Transducers can't shoot through void areas, so it would never be mounted on any type of void, like a flotation collar built into the equipment compartment of the boat.
There's a lot of stuff to go inside the equipment compartment; therefore, the layout is usually cramped, and there's not a lot that can be done about it. It's a physics thing.
I had asked you to look at the back of the unit and under the dash carefully. Finding a transducer in the rear is good to know about, but solves nothing if it's cable has been cut and removed. If there's a transducer in the boat, you'll need the connector end of the cable that plugs into your MFD or you haven't gotten anywhere. So, forget the bilge for now as you don't really know what you are looking for, and you could mess things up since I'm guessing you aren't highly "boat familiar."
First look at the back of the MFD (your new display). If the right-most connector has a cable, that would be your 2D transducer, and there would be no need to look in the bilge, right?
If the right-most connector on the MFD is open, LOOK UNDER THE DASH. You are looking for a black cable with a gray connector that has a blue locking collar. Look closely as they may have folded it up and put a cable tie around it, hiding the connector end. Here is a link for a 2D transducer cable that has an end like you are looking for.
Lowrance 2D Transducer & cableI picked this one for the connector end. If you have a transducer in the bilge, it is unlikely it will be like the one in the photo. That item is actually for mounting exterior, but the connector is the same.
If you do not find it under the dash, talk to whoever did your install and ask "where is my 2D transducer cable from my old system? Did you leave it, or cut it?
If you do find the cable, you can't just plug it into the MFD. As I said before, that would be when you need to order a 7-pin to 9-in adapter cable.
P.S.: That cable is worth $30 to whoever ends up with your old HDS unit that was removed from the the boat, so don't toss it.