We trace the algorithm step by step:
Initially: $x = 1$, $y = 2$.
Step 2: $x \leftarrow x y = 1 2 = 2$.
Step 3: $y \leftarrow y + 1 = 3$. $y \neq 5$, so go to step 5.
Step 5 → Step 2: $x \leftarrow x y = 2 3 = 6$.
Step 3: $y \leftarrow 4$. $y \neq 5$, go to step 5.
Step 2: $x \leftarrow x y = 6 4 = 24$.
Step 3: $y \leftarrow 5$. This time $y = 5$, so go to step 6 and stop.
Final $x$ value = 24.
This process essentially multiplies $x$ by $y$ starting from 2 and increases $y$ by 1 until $y$ reaches 5, but stops before multiplying by 5. Therefore, $x = 2 3 4 = 24$.