Step 6: Perform the multiplication step-by-step: 8 × 7 = 56, then 56 × 6 = 336, then 336 × 5 = 1680, then 1680 × 4 = 6720, then 6720 × 3 = 20160, then 20160 × 2 = 40320, and finally 40320 × 1 = 40320.
Step 7: Conclude that there are 40320 different ways to arrange the 8 different colored balls in a line.
Permutations – The question tests the understanding of permutations, specifically how to calculate the number of ways to arrange a set of distinct objects.