The function f(t)=12(1+0.03)^t can be used to determine the population, in thousands, of a town t years since 1955. According to the function, what was the population of the town in 1955 and what was the percent increase in population from year to year? Enter a number in each blank to correctly complete the sentence.

The population of the town in 1955 was blank people, and the percent increase in population from year to year was blank%.