What is Duration and Modified Duration? How are they calculated? 

Duration is a measure of a bond's sensitivity to changes in interest rates. It takes into account both the time to maturity of a bond and the timing and amount of its future cash flows. Essentially, duration calculates the weighted average of the time to receive each of the bond's cash flows, with weights based on the present value of each cash flow.

Modified duration is a modified version of duration that provides an estimate of the percentage change in a bond's price for a given change in interest rates. ______ ___ ___ ______ ___ ________ _____ ________ ________ ______.
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