A town has a population of 3108 people at time t=0. The population increases by 6% per year. What is the formula for the population, P, of the town as a function of year t?

A) P(t) = 3108 + 0.06t
B) P(t) = 3108(1 + 0.06)^t
C) P(t) = 3108(1 + 0.06t)
D) P(t) = 3108 + 0.06(1 + t)