Differential Equation Help

Hey everyone! I'm stuck on the following:

A person is trying to fill a bucket with water. Water is flowing into the bucket from the tap at a constant rate of 0.12 litres/sec. However there is a hole in the bottom of the bucket and water is flowing out of the bucket at a rate proportional to the square of the volume of water present in the bucket. If V(t) is the volume of water (in litres) present in the bucket at time t (in secs) and the bucket initially contains 2 litres of water, **write down**,** but do not solve**, the differential equation for V(t) along with its initial condition.

Okay here is what I have:

Rate leaving is proportional to (sorry don't know how to write the symbol here) , therefore:

or should it be

So with that I get a function:

Okay my question is am I right in putting the rate it's leaving straight into that equation?

Can I just then sub in for V?

Any help would be great!