Concept:
The formula for permutations of \( n \) objects taken \( r \) at a time is given by:
\[
^nP_r = \frac{n!}{(n-r)!} = n(n-1)(n-2)\cdots(n-r+1)
\]
This represents the number of ways to arrange a subset of items where order matters.
Step 1: Expand both sides of the equation using the permutation formula.
For the left side:
\[
^nP_4 = n(n-1)(n-2)(n-3)
\]
For the right side:
\[
5(^nP_3) = 5 \times n(n-1)(n-2)
\]
Step 2: Set up the equation and simplify.
\[
n(n-1)(n-2)(n-3) = 5n(n-1)(n-2)
\]
Since \( n \) must be at least 4 (from \( ^nP_4 \)), we know that \( n \), \( n-1 \), and \( n-2 \) are non-zero. We can safely divide both sides by \( n(n-1)(n-2) \):
\[
n - 3 = 5
\]
Step 3: Solve for \( n \).
\[
n = 5 + 3
\]
\[
n = 8
\]