Save & Exit Submit On January 1 of Year 1, Congo Express Airways issued $5,500,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $5,007,000 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 $14,500 every six months. The life of these bonds is: Multiple Choice 17 years. 35 years 38 years. 34 years. 11 years.