That is given the chance of success is 0.4 (40%) the chance that after 5 times you receive no master work is 7%. Thus the chance to receive at least one master work with 5 tries is 93%. Which means you are about 2 times as likely to get a master work. Granted it isn't 5 times nonetheless it is still higher.
Thanks for posting this, I was just about to type it out as well. This is correct.
It does get more unlikely to receive no master work the more times you do it.
This statement can be easily misunderstood, however, and that is where o Ventus has a point. It suggests that chance is time/iteration-dependent, and it is not. The chance to receive a masterwork item after n tries is still 40%, completely regardless of what happened before. The total probability of such an event happening (n tries, 0 masterwork successes) does indeed decrease non-linearly, however.
Yay for stochastics.
I personally hate RNG in crafting / loot design. Make stuff more difficult to get, but then actually award something instead of artificially adding yet another lottery on top of a lottery.
"Yo dude I heard u like lotteries so I gave u a lottery in ur lottery so u can have more lottery in ur lotteries. Yo."