Your server is running PHP version 5.6.40 but WordPress 6.3.2 requires at least

Hi, I have downloaded the latest version of WordPress and I have extracted it in the public_html, and when I open modelfaster.com, I receive this error:
Your server runs PHP version 5.6.40, but WordPress 6.3.2 requires at least 7.0.0. I have also changed the version from CPanel_select-php-version to 7.4 or even higher versions, but still I get the same error. I need to mention that I had older versions of WordPress running smooth on my website, but when I removed the old content and extracted the new version, I got this issue.

What should I do?

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