KQuestion 2 (of 10) On January 1 of Year 1, Congo Express Airways issued $3,920,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,392,000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized using the straight-line method at a rate of $34,000 every 6 months. The life of these bonds is: O 78 years O 10 years O 16 years O 5 years. O 12 years