The formula to calculate your Chance of Winning is:
\[ \text{Chance of Winning} = \left(\frac{\text{Tickets Purchased}}{\text{Total Tickets}}\right) \times 100 \]
Where:
A raffle is a type of contest where participants purchase tickets, each ticket representing a chance to win a prize. At a designated time, a draw is conducted where winners are selected randomly from the pool of ticket numbers. The selected numbers correspond to a prize, and the holder of the winning ticket claims the prize.
Let's consider an example:
Using the formula to calculate your Chance of Winning:
\[ \text{Chance of Winning} = \left(\frac{5}{200}\right) \times 100 = 2.5\% \]
This means that with 5 tickets purchased out of 200 available, your chance of winning is 2.5%.