I have the above problem and I came up with the solution:
$${4 \choose 2}{12 \choose 3}4^3$$
which is to choose $2$ aces from $4$ aces, choose $3$ values for the $3$ remaining and choose the suits for those $3$ cards.
However, another solution that I came up with is:
$${4 \choose 2}{48 \choose 3}$$
which is to choose $2$ aces from $4$ aces and choose the remaining $3$ cards out of remaining $48$.
These two solutions give different results, but I don't know which one is right. Can someone clarify it?
Thank you.
I believe that what you calculated the first time, ${4 \choose 2}{12 \choose 3}4^3$, is the number of hands whose rank is "a pair of aces." For example, $\{\spadesuit \mathrm A, \diamondsuit \mathrm A, \clubsuit 2, \spadesuit 8, \heartsuit \mathrm Q\}$ is a pair of aces.
You get such a hand if it contains two aces and three other cards, where none of the other three cards is the same value as any other card in the hand. (I think what you call "value" is what many people call "rank".)
All three of your cards other than the aces will be different ranks because you chose three distinct ranks from the $12$ that are not aces. At least, that is the only reasonable explanation I can easily see for choosing the factor $\binom{12}{3}$: choose $3$ ranks out of $12$ without repetition. Then, since each of those three cards is a rank different from the other two, all four suits are available to choose from, hence you multiply by $4^3.$
The hand $\{\spadesuit \mathrm A, \diamondsuit \mathrm A, \clubsuit 8, \spadesuit 8, \heartsuit \mathrm Q\}$ would not be called "a pair of aces"; rather it would be called two pairs, aces and eights. It will not be counted among the ${4 \choose 2}{12 \choose 3}4^3$ hands in your first calculation because two $8$s and a Q are not three ranks chosen from among the $12$ ranks other than aces. But I think you will agree that this hand also contains exactly two aces.
Your second way of counting accounts for "pair of aces" hands and also for other hands that contain exactly two aces, such as two pairs (a pair of aces and some other pair) or a full house (two aces and a three-of-a-kind).