Answer: 336
Step-by-step explanation:
Label the slots A,B,C for first through third place.
There are 8 choices for slot A, 7 for slot B, and 6 for slot C. We start with 8 and count our way down until we get to the final slot. Then we multiply out those values
8*7*6 = 336
There are 336 ways to select three people from a pool of eight overall.
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If you want to use the permutation formula, then your steps might look like this
Note how the 5! terms cancel out on the second to last step, leaving behind the expression 8*7*6 which was found earlier.