Combine the logarithms with the product rule and convert to exponential form.
log2(xy)=5⟹xy=25=32
Now substitute x=4y into that product.
4y2=32⟹y2=8⟹y=22 or y=−22
The original equation contains log2y, so y must be positive and the negative root is extraneous. That leaves y=22 and
x=4y=82.
Checking, xy=82⋅22=32, and log232=5.