The quantity or amount.
Example: If you were asked what is the value of 2x2 the value would be 4.
I agree but it's a slightly ambiguous question thanks to "term", roughly the mathematical equivalent of a word. It would have been been better as
'... the term "value" mean...'
The amount/what it's equal to. Example: the value of 100 + 100 is 200.
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