Let X1, X2,... be independent and identically distributed non- negative continuous random variables having density function f(x). We say that a record occurs at time n if X, is larger than each of the previous values XX-1 (A record automatically occurs at time 1.) If a record occurs at time n, then X, is called a record value. In other words, a record occurs whenever a new high is reached, and that new high is called the record value. Let N(t) denote the number of record values that are less than or equal to 1.

Characterize the process [N(1), 0] when