Which of the following is true about duration and modified duration?

The Macaulay duration calculates the weighted average time before a bondholder would receive the bond's cash flows. II. Modified duration measures price sensitivity of a bond to changes in YTM by adjusting duration with a factor based on current yield. III. The value of duration and modified duration are usually very close, but duration is almost always a larger number. IV. Duration is important to banks when they try to assess the risk of bond portfolios on their balance sheet.

A. Only I and II are true. B. All but IV are true. C. Only II and III are true. D. All are true.