Apologies if this is a duplicate question; most of those I've found are over my head, so I may have missed the answer.
For a given hash, say MD5 (128 bits), what is the chance of a hash collision with 10^12 of them?
My maths is not great, I've come up with this equation (I think it's correct) but have no idea how to solve it:
Collision_Chance = 1 - (1 - (1 / 2^128) ) ^ (10^12)
I'm guessing it's somewhere around 10^-26, does this sound about right?
Thanks
Edit: I think my estimate is very wrong. See Birthday Paradox