Final answer:
Vanadium (V), with atomic number 23, is the element located in group 5, period 4 of the periodic table, within the first transition series.
Step-by-step explanation:
The element located in group 5, period 4 of the periodic table is vanadium (V). Vanadium is part of the first transition series, a category of elements known for their participation in the filling of the d subshells. This period contains transition elements with atomic numbers ranging from 21 to 29, where vanadium specifically has the atomic number 23.
Transition elements are characterized by their d subshells, which underlie the chemical and physical properties that these metals exhibit. Vanadium, as with others in the transition series, has a range of oxidation states and is involved in various chemical processes. The fourth transition series, in contrast to the first, comprises the transition elements in the seventh period of the periodic table.