The problem has not been interpreted correctly. Assuming uniform elasticity, the length of distance the ant has to cover is increasing by 100 cm/s ... but please note, that in the first second, the ant has covered 1cm, the band is 200cm long ... and the ant has covered 2cms (since that 1cm is now 2cm ... due to stretching!!).
Then the ant goes ahead by 1cm, the band becomes 300cm long .. the distance behind the ant is 5cms. Then it goes ahead by 1cm, the band becomes 400cm long ... the distance behind the ant is 8 cms ahead.
Time Distance Covered %age
----------------------------
1 100 1 1%
2 200 3 1.5%
3 300 5 1.66%
4 400 8 2%
Looks like the ant is making some progress after all

. I say it will reach the end. And you know what ...
Moral of the story - Determination gets you there.