Use identity $4 \cos^2 \theta - 1 = 2 \cos 2\theta$. Then product becomes:
\[
\prod_{k=1}^5 (4 \cos^2 \frac{(2k-1)\pi}{20} - 1) = \prod_{k=1}^5 2 \cos \frac{(2k-1) \pi}{10}.
\]
Extract constant factors $2^5 = 32$. The product reduces to $32 \times \prod_{k=1}^5 \cos \frac{(2k-1)\pi}{10}$. Using known product formulas for cosines of equally spaced angles, this product equals $\frac{3}{32}$. Multiply and get the result $3$.