**Place Value:**

The place value of a digit in a number determines its position or location within that number. It indicates the value of the digit based on its position. Each digit in a number has a specific place value, and the value of the digit is determined by multiplying the digit by the corresponding power of 10.

**Understanding the Number 550:**

In the number 550, there are three digits: 5, 5, and 0. Each of these digits has a specific place value.

- The first digit, which is 5, is in the hundreds place.
- The second digit, which is also 5, is in the tens place.
- The third digit, which is 0, is in the ones place.

**Identifying the Place Value of 5:**

Now, we need to determine the place value of the digit 5 in the number 550. Since there are two 5's in the number, we need to identify the position of each 5.

1. **First 5 (Hundreds Place):** The first 5 in the number 550 is in the hundreds place. This means that its value is determined by multiplying 5 by 100 (10^2).
- The place value of the first 5 is 5 x 100 = 500.

2. **Second 5 (Tens Place):** The second 5 in the number 550 is in the tens place. This means that its value is determined by multiplying 5 by 10 (10^1).
- The place value of the second 5 is 5 x 10 = 50.

Therefore, the place value of the digit 5 in 550 is determined by the sum of the values from both the hundreds place and the tens place.
- Place value of 5 = 500 (from hundreds place) + 50 (from tens place) = 550.

Hence, the place value of the digit 5 in the number 550 is 550 itself.