question about chances

Question

If i enter a contest 27 times with a 1% chance of winning each time what is the % chance of winning overall. If possible can you explain how to calculate the answer?

Answer 1

Your overall chance of winning is about 24%. Every time you enter the contest, you have a 1% chance of winning but a 99% chance of losing. Each time you enter the contest is independent of every other time. In order to find out your overall chance of winning, subtract your overall chance of LOSING from 1.00. Your overall chance of losing is (.99) ^ 27 [.99 x .99 x .99 ...] is approximately .76. Therefore, your overall chance of winning is (1-.76) = .24, which is not great odds.