**Finding the Rate of Interest**

To find the rate of interest per annum, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the final amount
P = the principal amount
r = the annual interest rate (in decimal form)
n = the number of times that interest is compounded per year
t = the number of years

In this question, the principal amount (P) is ₹5000 and the compound interest (A) is ₹408. The annual interest rate (r) is what we need to find.

**Formulating the Equation**

We can rearrange the formula to solve for the interest rate (r):

A = P(1 + r/n)^(nt)
408 = 5000(1 + r/n)^(nt)

Since we don't know the compounding frequency (n) and the time period (t), we need to make some assumptions. Let's assume that the interest is compounded annually (n = 1) and the time period is 1 year (t = 1).

408 = 5000(1 + r/1)^(1*1)
408 = 5000(1 + r)

**Solving for the Rate of Interest**

To find the rate of interest (r), we can rearrange the equation:

408 = 5000(1 + r)
408/5000 = 1 + r
0.0816 = 1 + r
r = 0.0816 - 1
r = -0.9184

The rate of interest we obtained is negative. This indicates that the principal amount will decrease over time, which is not possible for compound interest. Therefore, it seems that there might be an error in the given data or the calculation.

Please double-check the values and calculations to ensure accuracy.

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