Some evaporates into thestill air above to be in balance with what is in the liquid, but the liquid cools as it evaporates slowing the evaporation too and making the amount needed to be in balance smaller. It can also only evaporate from the exposed top, and how much evaporated alochol is in the still air above the liquid is in balance with what is in the liquid. So time, concentration, and temperature limit how much evaporates. Same idea as a pot of boiling water. If you leave it open it takes time to boil away. If you cover it it will not boil dry anytime soon.
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