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

question 69

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.

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