Let P(y)=i=1N(1+y)iFi be a generic bond pricing function as discussed in the lectures. Dollar duration is: The time it takes to receive the last payment, i.e. until the bond is paid off. The slope of the bond pricing function. A measure interest rate risk as captured by the slope of the yield curve Is the first order derivative of P(y) with respect to the time i. The second order derivative of the bond pricing function at certain level of the yield y How long it takes on average to get the bond payments back. The weighted average term to maturity of the cash flows from a bond Let P(y)=i=1N(1+y)iFi be a generic bond pricing function as discussed in the lectures. Dollar duration is: The time it takes to receive the last payment, i.e. until the bond is paid off. The slope of the bond pricing function. A measure interest rate risk as captured by the slope of the yield curve Is the first order derivative of P(y) with respect to the time i. The second order derivative of the bond pricing function at certain level of the yield y How long it takes on average to get the bond payments back. The weighted average term to maturity of the cash flows from a bond