On January 1 of Year 1, Congo Express Airways issued $3,920,000 of 7%, bonds that pay intere! semiannually on January 1 and July 1. The bond issue price is $3,392.000 and the market rate of interest fe Similar bonds is 8%. The bond premium or discount is being amortized using the straight-line method at rate of $34,000 every 6 months. The life of these bonds is: O 10 years O 12 years. O 16 years. O 78 years. O 5 years