See more synonyms on Thesaurus.com. noun. 1. a written promise to pay a specified sum of money to a designated person or to his or her order, or to the bearer of the note, at a fixed time or on demand. 2. a written promise to do or provide something, usually presented as a gift and claimable when or however the recipient chooses.
DEFINITION of 'Duration'. A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.
lengthÂ·y. adj. lengthÂ·iÂ·er, lengthÂ·iÂ·est. 1. Of considerable length, especially in time; extended: a lengthy convalescence. 2. Tediously long; drawn-out: a lengthy explanation.