Lets say there is **40%** chance that an event will happen. Than it is said that the probability of the event is increased by five times. I do realize that the resulting percentage is not 200% or even 100%.

I do however assume, that the result will be 1 - (1 - 40%) / 5 = **88%** (instead of increasing the probability, I decrease the opposite).

Now, is that correct? If not, what formula will calculate the new chance of the event depending on the probability multiplication?