The position of the ball is governed by the equation for free fall:
\[
h = \frac{1}{2} g T^2
\]
Where \( g \) is the acceleration due to gravity and \( T \) is the time it takes for the ball to reach the ground.
We are asked to find the position of the ball above the ground after \( T/5 \) seconds. The distance traveled by the ball after \( T/5 \) seconds is:
\[
h' = \frac{1}{2} g \left( \frac{T}{5} \right)^2 = \frac{1}{2} g \frac{T^2}{25}
\]
Thus, the height above the ground at \( T/5 \) seconds is:
\[
\text{Height above the ground} = h - \frac{h}{25} = \frac{24h}{25}
\]
Therefore, the correct answer is \( \frac{24h}{25} \, \text{m} \).