Step 1 :Given that the rate of decay of the chemical substance is $6.2 \%$ per day, this can be represented as $-0.062$ in the rate of change equation $\frac{dN}{dt} = -0.062N$.
Step 2 :Let $N_0$ represent the initial amount of the substance at $t=0$. The exponential function that models the decay is $N(t) = N_0 e^{-0.062t}$.
Step 3 :Suppose that $700g$ of the substance is present at $t=0$. To find out how much will remain after 5 days, we substitute $N_0 = 700$ and $t = 5$ into the decay function to get $N(5) = 700e^{-0.062 \times 5} \approx 513g$.
Step 4 :To find the rate of change of the amount of the substance after 5 days, we substitute $N(5) = 513$ into the rate of change equation to get $\frac{dN}{dt} = -0.062 \times 513 \approx -31.8g/day$.
Step 5 :\(\boxed{-31.8}\) g/day is the rate of change of the amount of the substance after 5 days.
Step 6 :To find out after how many days will half of the original $700g$ of the substance remain, we set $N(t) = \frac{N_0}{2} = 350g$ and solve for $t$ in the decay function. This gives $t = \frac{\ln(\frac{N_0}{2})}{-0.062} \approx 11.1$ days.