To solve the problem, we need to determine the probability that the product of the numbers on two drawn cards is a perfect square.
Since there are 8 cards numbered from 1 to 8, and each one is drawn with replacement, the total number of possible outcomes when two cards are drawn is \(8 \times 8 = 64\).
Now, we will calculate the favorable outcomes where the product of the numbers is a perfect square:
Let's explore each perfect square:
Note that pairs involving cards higher than 8 are not possible.
Counting the favorable outcomes above, the possibilities where the product is a perfect square are: \((1,1), (1,4), (4,1), (2,2), (1,9), (9,1), (3,3), (1,16), (16,1), (2,8), (8,2), (4,4)\).
Thus, there are a total of 12 favorable outcomes.
Finally, the probability of drawing two cards such that their product is a perfect square is:
\[\frac{\text{Number of Favorable Outcomes}}{\text{Total Number of Outcomes}} = \frac{12}{64} = \frac{3}{16}\]
Therefore, the probability is \(\frac{3}{16}\).
The correct answer is \(\frac{3}{16}\).