1. **State the problem:** We need to find the area $A$ of a circle with radius $r = 5$ ft. 2. **Formula:** The area of a circle is given by the formula: $$A = \pi r^2$$ where $\pi \approx 3.14$ and $r$ is the radius. 3. **Substitute the radius:** $$A = 3.14 \times 5^2$$ 4. **Calculate the square of the radius:** $$5^2 = 25$$ 5. **Multiply:** $$A = 3.14 \times 25$$ 6. **Calculate the product:** $$A = 78.5$$ 7. **Round to the nearest hundredth:** Since $78.5$ already has one decimal place, we write it as $78.50$ ft$^2$. **Final answer:** $$\boxed{78.50 \text{ ft}^2}$$