1. **State the problem:** We want to find how the value of the digit 5 changes when going from the number 500 to the number 0.005. 2. **Identify the place values:** In 500, the digit 5 is in the hundreds place, so its value is $5 \times 100 = 500$. 3. In 0.005, the digit 5 is in the thousandths place, so its value is $5 \times 0.001 = 0.005$. 4. **Calculate the change in value:** To find how many times less the value is, divide the original value by the new value: $$\frac{500}{0.005} = 100,000$$ 5. **Interpretation:** The value of the digit 5 in 0.005 is 100,000 times less than in 500. **Final answer:** The value of the 5 is now 100,000 times less.