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in this video were going to talk about modified duration which is a metric for measuring the sensitivity of a bonds price to the yield now if youre saying hey this sounds familiar we talked about macaulay duration isnt that measuring a bond sensitivity to changes in interest rates and so forth will actually modify duration in the quality duration which ive abbreviated here as mod d and macd theyre actually equal to each other if you assume that theres continuous compounding of interest but in most cases in actual practice we have periodic compounding of interest and in those cases the modified duration is going to be equal to the macaulay duration divided by what weve got right here 1 plus y sub k over k in this y sub k this is just the yield to maturity and so the k is the number of periods during which were compounding this so lets say its semi-annual compounding then this k would be a two right so were just looking at the yield and then were adjusting it for how freque