Answer
False.
A corrected statement would be: $534.7 \lt 5.347 \times 10^3$
Work Step by Step
The statement is false because:
$5.347\times 10^3=5.347 \times 1000 = 5,347$
Thus,
$534.7 \ne 5.347 \times 10^3$
A corrected statement would be:
$534.7 \lt 5.347 \times 10^3$