How do you dynamically add and remove classes from an element in jQuery?
Instruction: Demonstrate with code how to add and then remove a class from a selected element.
Context: Manipulating an element's class attribute is a fundamental jQuery skill, allowing for dynamic changes to styling and functionality.
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Clarification & Assumption: The question assumes familiarity with jQuery, a popular JavaScript library that simplifies HTML document traversing, event handling, animating, and Ajax interactions for rapid web development...