Step 1 :The given expression is in the form of \(\sin(2\theta)\), where \(\theta = \cos^{-1}(\frac{1}{5})\). We know that \(\sin(2\theta) = 2\sin(\theta)\cos(\theta)\). So, we need to find the values of \(\sin(\theta)\) and \(\cos(\theta)\). We know that \(\cos(\theta) = \frac{1}{5}\). We can find \(\sin(\theta)\) using the Pythagorean identity \(\sin^2(\theta) + \cos^2(\theta) = 1\).
Step 2 :Let's find the value of \(\sin(\theta)\). We know that \(\cos(\theta) = \frac{1}{5}\), so \(\sin^2(\theta) = 1 - \cos^2(\theta) = 1 - \left(\frac{1}{5}\right)^2 = \frac{24}{25}\). Therefore, \(\sin(\theta) = \sqrt{\frac{24}{25}} = \frac{2\sqrt{6}}{5}\).
Step 3 :Now, we can find the value of \(\sin(2\theta)\) using the formula \(\sin(2\theta) = 2\sin(\theta)\cos(\theta)\). Substituting the values of \(\sin(\theta)\) and \(\cos(\theta)\) we get \(\sin(2\theta) = 2 * \frac{2\sqrt{6}}{5} * \frac{1}{5} = \frac{4\sqrt{6}}{25}\).
Step 4 :Final Answer: The exact value of the expression \(\sin \left(2 \cos ^{-1} \frac{1}{5}\right)\) is \(\boxed{\frac{4\sqrt{6}}{25}}\).