Let the present age of the mother be \( M \) and the present age of the daughter be \( D \). The following equations can be written from the problem statement:
1. \( M + D = 42 \) (combined age of mother and daughter).
2. \( (M - 5)(D - 5) = 60 \) (the product of their ages 5 years ago).
From the first equation, we can express \( M \) in terms of \( D \):
\[
M = 42 - D
\]
Substitute this into the second equation:
\[
(42 - D - 5)(D - 5) = 60
\]
\[
(37 - D)(D - 5) = 60
\]
Expanding this:
\[
37D - 185 - D^2 + 5D = 60
\]
\[
-D^2 + 42D - 185 = 60
\]
\[
-D^2 + 42D - 245 = 0
\]
Multiplying through by -1:
\[
D^2 - 42D + 245 = 0
\]
Solving this quadratic equation using the quadratic formula:
\[
D = \frac{-(-42) \pm \sqrt{(-42)^2 - 4(1)(245)}}{2(1)}
\]
\[
D = \frac{42 \pm \sqrt{1764 - 980}}{2}
\]
\[
D = \frac{42 \pm \sqrt{784}}{2}
\]
\[
D = \frac{42 \pm 28}{2}
\]
Thus, \( D = 35 \) or \( D = 7 \).
If \( D = 7 \), then \( M = 42 - 7 = 35 \). However, this doesn't satisfy the condition for the product of their ages 5 years ago. Therefore, the present age of the mother is:
\[
M = 35 + 5 = 40 \, \text{years}.
\]
So, the present age of the mother is \( 40 \, \text{years} \).