Showing the updated date versus original published date?

Hello,

Will this show when I updated a post versus the original published date:
Last updated on <time datetime=”<?php the_modified_time(‘Y-m-d’); ?>”><?php the_modified_time(‘F jS, Y’); ?></time>

If so, do I simply cut and paste the above code into the CSS area? I am using Colorway.

Thank you.

Lyric
http://www.sewandcro.com