Step 1: Concept
The pH of an acidic buffer solution is calculated using the Henderson-Hasselbalch equation: $pH = pK_a + \log_{10} \frac{[\text{Salt}]}{[\text{Acid}]}$.
Step 2: Meaning
Acetic acid is the weak acid and sodium acetate is its conjugate base (salt).
Step 3: Analysis
Given: $pK_a = 4.7447$, $[\text{Salt}] = 0.05 \text{ M}$, $[\text{Acid}] = 0.01 \text{ M}$.
$pH = 4.7447 + \log_{10} \left( \frac{0.05}{0.01} \right)$.
$pH = 4.7447 + \log_{10}(5)$.
Since $\log_{10}(5) \approx 0.6990$.
$pH = 4.7447 + 0.6990 = 5.4437$.
Step 4: Conclusion
The pH of the buffer solution is approximately 5.44.
Final Answer: (C)