If we know that someone who drives has a 1/500 chance of getting into an accident, what is the probability of this person to get into an accident at least once in a year?
I really don't know how to solve this problem. I thought about multiplying it with 364 (the days) but it looks very wrong. Any help will be truly appreciated
The person either has an accident at least once in a year, or zero accidents that year. These two probabilities must sum to $1$.
The probability that zero accidents happen on any given day is $1 - \frac{1}{500} = \frac{499}{500}$. So to have zero accidents on every single day of the year, the events are all independent, which gives $(499/500)^{365}$.
So your probability is $1 - (499/500)^{365} \approx 0.52$.