Converting 5V DC to AC is achievable using a Relaxation Oscillator or a 555 timer chip. The Relaxation Oscillator provides a straightforward method to generate an AC signal, while the 555 timer can be configured according to its datasheet and application notes to achieve the desired frequency. Both methods are effective for projects requiring a clocked source, such as a 4-bit counter.
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berkeman said:The simplest oscillator for this is the Relaxation Oscillator:
http://en.wikipedia.org/wiki/Relaxation_oscillator
You can also use the classic 555 timer chip and follow the datasheet or the application notes for it:
http://en.wikipedia.org/wiki/555_timer