On January 1 of Year 1,Congo Express Airways Issued $3,500,000

Multiple Choice

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:

A) 15 years.
B) 30 years.
C) 26.5 years.
D) 32 years
E) 35 years.