MODIFIED DURATION
\mˈɒdɪfˌa͡ɪd djʊ͡əɹˈe͡ɪʃən], \mˈɒdɪfˌaɪd djʊəɹˈeɪʃən], \m_ˈɒ_d_ɪ_f_ˌaɪ_d d_j_ʊə_ɹ_ˈeɪ_ʃ_ə_n]\
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Macaulay duration adjusted for compounding. Fixed-income financial instrument's price volatility and interest rate sensitivity measure. Like an interest bearing bond, the instrument's value-percentage change for each percentage point change in prevailing interest rates is indicated.
By Henry Campbell Black
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