Step 1: In an elastic collision for the same mass, the velocities of the objects interchange.
Before the collision:
\[
v_A = 5 \, \text{m/s}, \, v_B = 2 \, \text{m/s}, \, v_C = 4 \, \text{m/s}
\]
After the collision:
\[
v_A' = 2 \, \text{m/s}, \, v_B' = 4 \, \text{m/s}, \, v_C' = 5 \, \text{m/s}
\]
Step 2: The assertion states that after a sufficiently long time, the velocities will be \( v_A = 4 \, \text{m/s}, v_B = 2 \, \text{m/s}, v_C = 5 \, \text{m/s} \). This holds true as per the elastic collision property, where velocities exchange.
Step 3: The reason also holds true, as in an elastic collision between identical masses, the velocities of the objects do indeed exchange. However, the assertion describes a situation where the objects have reached final velocities after sufficient time. Therefore, the reason is not the correct explanation for the assertion, which is why option (4) is correct.