Depends on the rate of increase. Large changes will dilute further while smaller more frequent changes will dilute more slowly. Both will eventually find levels they plateau between assuming other variables remain the same. It'll also take more volume in smaller water changes to reach the same dilution rate. I.e. 10 10% water changes results in a 65% dilution whereas 2 50% comes to a 75% and 1 100% is effectively 100% dilution. All these values use the same amount of new water.