(1) From the information given, if we want to choose 5 colors from 8 distinct colors and the order in which the selection is made is relevant, then what we have is a permutation.
The formula is given as;
[tex]nP_r=\frac{n!}{(n-r)!}[/tex]This formula means we need to select/arrange r items out of a total of n items and the anwer derived would be the total number of arrangements possible.
Therefore, we would have;
[tex]\begin{gathered} nP_r\Rightarrow_8P_5 \\ _8P_5=\frac{8!}{(8-5)!}\Rightarrow\frac{8!}{3!} \\ _8P_5=\frac{8\times7\times6\times\ldots1}{3\times2\times1}\Rightarrow\frac{40320}{6} \\ _8P_5=6720 \end{gathered}[/tex]Therefore, if the order is relevant, this selection can be done in 6,720 ways.
(2) If the order is NOT relevant, then what we need to calculate is a combination and the formula is;
[tex]_nC_r=\frac{n!}{(n-r)!r!}[/tex]The formula can now be applied as follows;
[tex]\begin{gathered} _nC_r\Rightarrow_8C_5 \\ _8C_5=\frac{8!}{(8-5)!\times5!} \\ _8C_5=\frac{8!}{3!\times5!}\Rightarrow\frac{8\times7\times6\times\ldots1}{(3\times2\times1)\times(5\times4\times\ldots1)} \\ _8C_5=\frac{40320}{6\times120} \\ _8C_5=56 \end{gathered}[/tex]If the order is not relevant, then the selection can be done in 56 ways.