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Question:

Annual Macaulay duration is least accurately interpreted as the:

A approximate percentage change in a bond’s value for a 1% change in its yield to maturity.
Explaination

Modified duration is the approximate percentage change in a bond's value for a 1% change in its YTM. Macaulay duration is the weighted average number of periods until a bond's cash flows are scheduled to be paid and represents the investment horizon at which a bond's market price risk and reinvestment risk exactly offset.