1. The problem asks to simplify the expression $5 - \frac{1}{2}$.\n2. Rewrite 5 as a fraction with a denominator of 2 to combine the terms: $5 = \frac{10}{2}$.\n3. Now subtract the fractions: $$\frac{10}{2} - \frac{1}{2} = \frac{10 - 1}{2} = \frac{9}{2}.$$\n4. Convert the improper fraction to a mixed number for easier interpretation: $$\frac{9}{2} = 4 \frac{1}{2}.$$\n\nTherefore, $5 - \frac{1}{2} = \frac{9}{2}$ or $4 \frac{1}{2}$.