Oliver, Lily, and Ella are hoping to save money. Oliver thinks saving money in a shoe box in his close every month is a good idea. He decides to start with $150, and then save $125 each month. Lily was gifted $4000 from her Great Uncle Merv, and decides to put the money into an account that has 6.5% interest rate that is compounded annually. Ella has earned $3000 working at the gas station and decides to put her money in the bank in an account that has a 9% interest rate that is compounded continuously.
Describe the type of equation that models John's situation. Create that equation of John's situation. Using the equation you created, how much money will be in John's account after 2 years? 10 years?