Roughly.
n=48 (number of empty places in plates, each place is relevant to English character.
Number of permutations:
P
n = n! = 48!
The probability that each 4-letter block in every permutations corresponds to one word from BIP39 = 2048/26
4 (2048 - number of words in BIP39 list, 26
4-number of permutation m out of k with reiteration, m=26 - number of English letters in alphabet, k=4
As 48-letter string has 12 4-characters blocks and probability of each block to correspond to BIP39 list doesn't depend on the relevant probability of any other block the whole probability to all 48-letters string to correspond BIP 39 lisst equals to 2048
12/26
4x12 . (The probabilities of independent events are multiplied).
So the probability to find correct phrase would be (1/48!) x (2048
12//26
4x12) (without taking into account that the last word is the checksum.).
Taking the checksum factor into account reduces the resulting probability by roughly 16
Resulting number is still very and very small to take the threat seriously.
P.S. I said roughly at the start since m‑out‑of‑k calculation ignores the restriction that 4
and probably even 3 letters in 4-letter block cannot be the same. So anyone is free to refine result by considering this factor.
