If you extrapolated an LED IV curve, you'd find that the dynamic resistance would be low (couple ohms or less) at a current that would give a 5V forward voltage; though only blue or white LEDs would have much chance of surviving.If the LED does have to drop 5V, you obviously can't calculate the current in the circuit just by looking at the above graph and seeing how many amps 5V equates to. I'm sure you will have to use the method dl324 explained.
The picture below shows the equivalent circuit for an LED and how to calculate dynamic resistance:
Both pictures are from the 1977 HP Optoelectronics Application Manual.
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