Step 1: Recall the FM modulation index formula.
The modulation index is
\[
\beta=\frac{\Delta f}{f_m},
\]
where
- \(\Delta f\) = peak frequency deviation,
- \(f_m\) = modulating frequency.
Step 2: Substitute the given values.
\[
\beta
=
\frac{50\,\text{kHz}}{10\,\text{kHz}}
=
5.
\]
Hence,
\[
\boxed{5}
\]
Therefore,
\[
\boxed{(C)}
\]
is the correct answer.