Step 1: Field inside a conductor.
Inside any charged conductor in steady state the electric field is zero. Charges sit only on the surface.
Step 2: What zero field means for potential.
Since $E = -\dfrac{dV}{dr}$, a zero field means the potential does not change. So the potential is the same everywhere inside.
Step 3: Find the point's distance.
Radius is $4$ cm, depth is $1$ cm, so the point is at $r = 4 - 1 = 3$ cm from the centre.
Step 4: Is the point inside?
Since $3$ cm $< 4$ cm, the point lies inside the conductor.
Step 5: Apply the constant-potential rule.
Inside, the potential equals the surface potential, which is given as $5$ V.
Step 6: State the answer.
So the potential at that inside point is $5$ V, which is option 4.
\[ \boxed{V = 5 \text{ V}} \]