If you take 3 inches off each end, that means you will be taking 6 inches off. If you take 6 inches away from 7 1/4 yards ,(7 yards, 9 inches,) you get 7 1/12 yards (7 yards, 3 inches).
(7 1/12) / 5 = 1.426repeating
So each piece of rope will be (Approximately) 1.4 or 1 2/5 yards.