\documentstyle[verbatim,exercise]{report}
\newcommand{\fivetimes}[1]{#1 #1 #1 #1 #1}
\numberexercises{chapter}
\exercisehead{\bf$\bullet$\,EXERCISE }{:}
\begin{document}
\chapter{First Chapter}
\fivetimes{\fivetimes{Some text.}}
\begin{exercise}
\fivetimes{This is the first exercise in Chapter~1.}
\answer
Answer to the first exercise in Chapter~1.
\end{exercise}
\begin{exercise} \label{x12}
\fivetimes{This is the second exercise in Chapter~1.}
\fivetimes{This is the second exercise in Chapter~1.}
\answer
Answer to the second exercise in Chapter~1.
\end{exercise}
\begin{exercise}
\fivetimes{This is the third exercise in Chapter~1.}
\end{exercise}
\chapter{Second Chapter}
\fivetimes{\fivetimes{Some more text.}}
\begin{exercise}
\fivetimes{This is the first exercise in Chapter~2.}
(See also exercise~\ref{x12}).
\answer
Answer to the first exercise in Chapter~2.
\end{exercise}
\begin{exercise}
\fivetimes{This is the second exercise in Chapter~2.}
\answer
Answer to the second exercise in Chapter~2.
\end{exercise}
\end{document}