Let's translate the given statements into algebraic expressions and simplify them:
"I have 4 times as many 10-cent stamps as 3-cent stamps":
Let x be the number of 3-cent stamps.
Number of 10-cent stamps = 4 times x = 4x
"I have one less 2-cent stamp than 3-cent stamps":
Number of 2-cent stamps = x - 1
Now, we need to find the value of the stamp collection in terms of b (the number of 2-cent stamps):
Value of 10-cent stamps = (value per stamp) * (number of stamps) = 10 cents * 4x = 40x cents
Value of 3-cent stamps = (value per stamp) * (number of stamps) = 3 cents * x = 3x cents
Value of 2-cent stamps = (value per stamp) * (number of stamps) = 2 cents * (x - 1) = 2x - 2 cents
Now, to find the total value of the stamp collection, we add the values of all three types of stamps:
Total value = Value of 10-cent stamps + Value of 3-cent stamps + Value of 2-cent stamps
Total value = 40x + 3x + (2x - 2)
Total value = 45x - 2
So, the value of the stamp collection in terms of b (number of 2-cent stamps) is 45b - 2 cents.