Step 1: Finding Probability of Correct Placement
Total number of ways to place 5 letters into 5 envelopes:
\[
5! = 120
\]
Only 1 way exists where all letters are correctly placed.
Step 2: Using Complementary Probability
The probability that all letters are correctly placed:
\[
P(\text{all correct}) = \frac{1}{5!} = \frac{1}{120}
\]
The probability that at least one letter is wrongly placed:
\[
P(\text{at least one wrong}) = 1 - P(\text{all correct})
\]
\[
= 1 - \frac{1}{120} = \frac{119}{120}
\]
Thus, the correct answer is \( \frac{119}{120} \).