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Please explain the modified duration formula for bond prices; PdrdPMD=t=1T(1+r)tCFt=(1+r)1t=1Tt(1+r)tCFtP1drdP=P(1+r)1t=1Tt(1+r)tCFt

Please explain the modified duration formula for bond prices;

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PdrdPMD=t=1T(1+r)tCFt=(1+r)1t=1Tt(1+r)tCFtP1drdP=P(1+r)1t=1Tt(1+r)tCFt

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