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Duration is another way to measure bond volatility. Duration is a measure of how much the price of a bond changes when compared to its interest rate. Bond price will change from time to time as the issuing organization evaluates the value of the bond on the market.
To understand what implied volatility (IV) is, you must first understand what volatility is. Volatility measures the amount that something changes (or in more fancy jargon, it measures the magnitude of change). For example...the price of gas is volatile.