Question: Modified duration . . . represents the % impact expressed as a number, not as a decimal on price given a 1 % change in

Modified duration ...
represents the % impact expressed as a number, not as a decimal on price given a 1% change in yield.
represents the weighted average term to maturity expressed in years of a bonds cash flows.
represents the $ impact on a bonds price of a 100-basis point change in interest rates.
is useful for quantifying a bonds credit risk.

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