Final answer:
The cost of 1 inch of the chain is $0.25 (rounded to the nearest cent).
Step-by-step explanation:
To find the cost of 1 inch of the chain, we need to convert the given length and cost to the same units. There are 12 inches in a foot, so 5 feet is equivalent to 60 inches. The cost of the entire chain is $15.17. To find the cost of 1 inch, we divide the total cost by the total length: $15.17 ÷ 60 inches = $0.2528 per inch.
Therefore, the cost of 1 inch of the chain is $0.25 (rounded to the nearest cent).