Most elegant answer is what's posted above but I found it easier to visualize like this when I was solving the question above:
We know that it's a 5 digit non repeating number so for any place value we have 5 choices - 8,7,6,5,3.
Now imagine a number which has it's one's digit fixed as digit 8 and has 4 other choices in hand:
xxxx8, for this number we will have 4! possibilities, which means 24 cases. What happens for 8 will happen for all the other numbers as well.
Therefore, 24 cases of when 8 is at unit's place, 24 cases for when 6 is at unit's place and so on.
this results in => 24*(8+7+6+5+3) = 24 * 29
Now if we fix ten's place, the same thing will happen: xxx8x : again we will have 4! cases and sum of all cases on ten's place would be 29, therefore 24*29 will again appear.
Now, consider a three digit number 123 which is nothing but (1*100 + 2*10 + 1*3)
Similarly the above cases would become :
(29*24) [which is common to each place] * (1+10+100+1000+10000) [place value for each digit]
Therefore, the total sum would be 29*24*11111 = 696 * 11111,
here, you can easily calculate the product by shifting and adding digits of 696 - 5 times like this :
696
6960
69600
696000
6960000
+---------
7733256