To answer this question, let's go through each option and the result of the REPLACE function:
Option A) jack and jue - This option is incorrect because the REPLACE function replaces all occurrences of 'J' with 'BL', resulting in "BLACK and BLUE".
Option B) JACK and JUE - This option is incorrect because the REPLACE function replaces all occurrences of 'J' with 'BL', resulting in "BLACK and BLUE".
Option C) ACK and UE - This option is incorrect because the REPLACE function replaces all occurrences of 'J' with 'BL', resulting in "BLACK and BLUE".
Option D) BLACK and BLUE - This option is correct because the REPLACE function replaces all occurrences of 'J' with 'BL', resulting in "BLACK and BLUE".
The correct answer is option D.