Function DDuration(NumPayments, CouponRate, _

YTM, TimeFirst)

price = 1 / (1 + YTM) ^ NumPayments

DDuration = NumPayments / (1 + YTM) ^ _

NumPayments

For Index = 1 To NumPayments

price = CouponRate / (1 + YTM) ^ _

Index + price

Next Index

For Index = 1 To NumPayments

DDuration = CouponRate * Index / _

(1 + YTM) ^ Index + DDuration

Next Index

DDuration = DDuration / price + _

TimeFirst - 1

End Function