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A unit of time is any particular time interval, used as a standard way of measuring or expressing duration. The base unit of time in the International System of Units (SI), and by extension most of the Western world , is the second , defined as about 9 billion oscillations of the caesium atom.
Modified duration is defined above as a derivative (as the term relates to calculus) and so is based on infinitesimal changes. Modified duration is also useful as a measure of the sensitivity of a bond's market price to finite interest rate (i.e., yield) movements. For a small change in yield, ,
Duration may refer to: The amount of time elapsed between two events; Duration (finance) – the weighted average time until the various cash flows from a security, such as a bond, are received; Duration (music) – an amount of time or a particular time interval, often cited as one of the fundamental aspects of music
It has been defined since 1967 as "the duration of 9 192 631 770 periods of the radiation corresponding to the transition between the two hyperfine levels of the ground state of the caesium 133 atom", and is an SI base unit. [12] This definition is based on the operation of a caesium atomic clock. These clocks became practical for use as ...
Time is the continuous progression of existence that occurs in an apparently irreversible succession from the past, through the present, and into the future. [1] [2] [3] It is a component quantity of various measurements used to sequence events, to compare the duration of events (or the intervals between them), and to quantify rates of change of quantities in material reality or in the ...
In finance, bond convexity is a measure of the non-linear relationship of bond prices to changes in interest rates, and is defined as the second derivative of the price of the bond with respect to interest rates (duration is the first derivative).
In mathematics, a real number is a number that can be used to measure a continuous one-dimensional quantity such as a distance, duration or temperature.Here, continuous means that pairs of values can have arbitrarily small differences.
The second is the duration of 9 192 631 770 periods of the radiation corresponding to the transition between the two hyperfine levels of the ground state of the caesium 133 atom 13th CGPM Resolution 1 CIPM 1967 This definition implies that the caesium atom is at rest and unperturbed.