On January 1 of Year 1, Congo Express Airways issued $3,500,000 of 7 %, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,197,389 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 $10,087 every six months. The life of these bonds is: Multiple Choice 30 years. 32 years. 26.5 years. 35 years. 15 years.