The total municipal debt for the state of Illinois can be represented as the exponential function M (t) = 41.24(1.052)^t where M represents the total municipal debt for the state in billions of dollars and t is the number of years since 2000
Determine the statement that interprets the function M (t).

A) The total municipal debt in Illinois was $41.24 million in 2000 and increases about 1.052% each year.

B) The total municipal debt in Illinois was $43.38 billion in 2000 and increases about 5.2% each year.

C) The total municipal debt in Illinois was $39.20 billion in 2000 and increases about 105.2% each year.

D)The total municipal debt in inois was $41.24 billion in 2000 and increases about 5.2% each year