Mohamad has just started a new job, where his starting salary is $\$50000$$50000 per year and is expected to increase by $3.2%$3.2% each year. Elizabeth has also just started a new job, which has a starting salary of $\$49000$$49000 per year and is expected to increase at a rate of $6.1%$6.1% each year.
Write an equation for $M$M, Mohamad’s salary in $t$t years time.
Write an equation for $P$P, Elizabeth’s salary in $t$t years time.
How much greater will Elizabeth's salary be in $6$6 years' time than Mohamad's? Give your answer correct to the nearest cent.
Over the long term, whose salary will increase more rapidly?
Interpret the parameters in a linear or exponential function in terms of a context.