5 In an investment model the increase, \(Y \%\), in the value of an investment in one year is modelled as a continuous random variable with the distribution \(\mathrm { N } \left( \mu , \frac { 1 } { 4 } \mu ^ { 2 } \right)\). The value of \(\mu\) depends on the type of investment chosen.
- Find \(\mathrm { P } ( Y < 0 )\), showing that it is independent of the value of \(\mu\).
- Given that \(\mu = 6\), find the probability that \(Y < 9\) in each of three randomly chosen years.
- Explain why the calculation in part (ii) might not be valid if applied to three consecutive years.