Step 1: Set up the array. arr holds {1, 2, 3, 4, 5} at indices 0 to 4, and ptr points to arr[0].
Step 2: Read the right side of the assignment. *(ptr + 4) is arr[4] which is 5. *(ptr + 1) is arr[1] which is 2.
Step 3: Add them. \(5 + 2 = 7\).
Step 4: The left side *(ptr + 2) is arr[2]. So arr[2] is now set to 7.
Step 5: printf prints arr[2], which is 7. The answer is 7 (option C).