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How to calculate the probability of a set of events ?

Asked by nocontest (9points) February 1st, 2014

Everyone knows that the probability of an outcome of heads in a single coin toss is 50% and that each toss is a completely independent event from previous and future tosses. But what about a set of consecutive identical outcomes (i.e. three or four or five, etc. heads in a row) ? How can I calculate the probability of a set of three consecutive heads (my desired outcome) in a series of 100 coin tosses ? Or a set of four consecutive heads in a series of 500 coin tosses ?

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