On January 1 of Year 1, Congo Express Airways issued $4,600,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $4,280,000 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 $10,000 every 6 months. The life of these bonds is: Multiple Choice 46 years 12 years. 43 years 32 years. 16 years