Which of the following decimals lies between $\frac{1}{5}$ and $\frac{1}{4}$?

1. Convert the given fractions to decimals

$\frac{1}{5} = 0.20$
$\frac{1}{4} = 0.25$

2. Identify the decimal that lies between the two values

We need a value $x$ such that $0.20 < x < 0.25$.
Looking at the options:
(1) $0.20$ is equal to $\frac{1}{5}$, not between.
(2) $0.24$ is between $0.20$ and $0.25$.
(3) $0.25$ is equal to $\frac{1}{4}$, not between.
(4) $0.28$ is greater than $0.25$.