$f(1) = 1$. (0 "C"s)
$f(2) = \operatorname{choose}(1,1-1)*5^{1-1} = 1$. (0 "C"s)
$f(3) = 1 + \operatorname{choose}(3, 3-2)*5 = 1 + 3*5 = 16$.
$f(4) = 1 + \operatorname{choose}(4,4-2)*5^{4-2} + \operatorname{choose}(4,4-4)*5^{4-4}$.
$f(N) = \sum_{m = 0}^{\operatorname{floor}(N/2)}{\big(\operatorname{choose}(N, N-2m)*5^{N-2m}}\big)$
Choose the indices in the string which are to not be "C"s. If there are $2m$ "C"s in the string, then this is $\operatorname{choose}(N, N - 2m)$ possibilities. Then fill these with any of the 5 letters which are available and which are not "C"; there are $5^{N-2m}$ options for this. Now, let $m$ range over all possible values (from 0 to approximately half of $N$, although we have to worry about odd $N$ values) and add up the possibilities.
Something like that. I am a bit distracted right now, but this seems to be close to the correct idea.