On January 1 of Year 1, Congo Express Airways issued $3,800,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,432,000 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 $11,500 every 6 months. The life of these bonds is:

Multiple Choice

30 years

16 years.

32 years.

11 years.

33 years.