Can the equation below be used to solve the following problem? If not, explain why.
0.75x + 3 = 0.25x + 5.25
Joseph has $3.00 in his piggy bank and he adds $0.75 each day. Kelsey has $5.25 in her piggy bank and she spends $0.25 each day. When will Joseph and Kelsey have the same amount in their piggy banks?