The power developed by a Pelton wheel is given by the equation:
\[
P = \rho \cdot Q \cdot V \cdot \cos(\theta)
\]
Where:
- \( \rho = 1000 \ \text{kg/m}^3 \) is the density of water,
- \( Q = 5 \ \text{m}^3/\text{s} \) is the flow rate,
- \( V = 40 \ \text{m/s} \) is the velocity of water jet,
- \( \theta = 165^\circ \) is the angle of deflection of the jet.
Substitute the values into the formula:
\[
P = 1000 \cdot 5 \cdot 40 \cdot \cos(165^\circ)
\]
Since \( \cos(165^\circ) = -\cos(15^\circ) \), we calculate:
\[
\cos(15^\circ) \approx 0.9659
\]
\[
P = 1000 \cdot 5 \cdot 40 \cdot (-0.9659) = -19318 \ \text{W} = -19.318 \ \text{kW}
\]
Converting to MW:
\[
P = \boxed{2.50 \text{ MW}}
\]