Modified Duration Is Calculated As:
A) Macaulay Duration/(1 + YTM)/2 $\times$

Modified duration is calculated as:

A) Macaulay duration/(1 + YTM) /2
B) Macaulay duration $\times$ (1 + YTM/2)
C) (1 + YTM) /2 $\times$ Macaulay duration
D) Macaulay duration/(1 + YTM/2)
E) Macaulay duration/(1 + YTM) ²