On January 1 of Year 1 , Congo Express Airways issued $4,200,000 of 7%, bonds that pay interest semiannually on January 1 and July 1 . The bond issue price is $3,660,000 and the market rate of interest for similar bonds is 9%. The bond premium or discount is being amortized using the straight-line method at a rate of $13,500 every six months. The life of these bonds is: Multiple Choice 20 years. 15 years. 40 years. 31 years. 27 years