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This is an updated and greatly expanded version of an already well-established and popular exercise manual. It provides a wide-ranging selection of illuminating, informative and entertaining problems, together with their solution.Topics include modelling and many applications of probability theory, as well as theoretical aspects. There are questions at all ability levels, the majority being of elementary or intermediate standard.Well suited as a stand alone problems and solutions manual, it also is the companion volume for the text: Probability and Random Processes 3/e.