Individual Retirement Accounts - Response
Please see the Legend to understand the conventions used to document each element and attribute. Note that for responses, the XML elements are documented in the order that they appear in the response.
| Element | Attributes |
|---|---|
<outIRA> | |
<CalcResult> | |
<XMLDetail>[] | |
<BeginBalance> | |
<Deposit> | 🔹DepositFrequency |
<IntRate> | |
<CurrentAge> | |
<RetireAge> | |
<Term> | |
<FutureValue> | |
<Gain> | |
<Yield> |
🟥 <outIRA>
| Element Type | Data Type |
|---|---|
| Parent | - |
This is the root element of the response, and is required. This element simply acts as a container for all of the result child elements.
Attributes: None
🟥 <CalcResult>
| Element Type | Data Type |
|---|---|
| Data | Text |
If the calculation was completed successfully, then this element will contain
the value Valid Calculation. Otherwise, this element will contain a
description of the problem encountered during the attempted computation.
Attributes: None
🟦 <XMLDetail>[]
| Element Type | Data Type | Default |
|---|---|---|
| Data | Text | NULL |
The <XMLDetail> elements are messages passed back to the calling application
which detail the status of the XML request. If the SCE issues any warnings
regarding unrecognized elements or attributes, then each warning message will be
displayed in an <XMLDetail> element.
Attributes: None
🟥 <BeginBalance>
| Element Type | Data Type |
|---|---|
| Data | Currency |
The beginning balance is the amount which is present in the IRA account at the
investor's <CurrentAge>. Interest accrues on this initial
amount (plus the periodic deposit amounts), much like interest accrues on the
principal balance of a loan.
Attributes: None
🟥 <Deposit>
| Element Type | Data Type | Values |
|---|---|---|
| Data | Currency | > 0 |
The deposit element specifies the periodic deposit amount to be made to the IRA
account. The periodicity of the deposit is dictated by the
DepositFrequency attribute, detailed below.
Attributes:
🔹DepositFrequency
🔸 DepositFrequency
| Values | |
|---|---|
| Enum | 1,2,4,6,12, annual, semiannual, quarterly, bimonthly, monthly |
This attribute specifies the periodicity of the deposit amount.
🟥 <IntRate>
| Element Type | Data Type |
|---|---|
| Data | Decimal |
This element dictates the rate at which interest accrues throughout the term of the IRA.
Attributes: None
🟥 <CurrentAge>
| Element Type | Data Type |
|---|---|
| Data | Integer |
The current age of the individual.
Attributes: None
🟥 <RetireAge>
| Element Type | Data Type |
|---|---|
| Data | Integer |
The desired retirement age of the individual. By subtracting the current age from the retirement age, the SCE determines the number of years the IRA account will be allowed to grow.
Attributes: None
🟥 <Term>
| Element Type | Data Type |
|---|---|
| Data | Integer |
The term is the number of years during which periodic deposit amounts and accrued interest are applied to the IRA account. It is equal to the individual’s retirement age less current age.
Attributes: None
🟥 <FutureValue>
| Element Type | Data Type |
|---|---|
| Data | Currency |
The future value is the balance of the IRA account at the investor's specified retirement age. The future value is equal to the present value plus all periodic deposits plus all interest accrued during the IRA's term.
Attributes: None
🟥 <Gain>
| Element Type | Data Type |
|---|---|
| Data | Currency |
The gain is the difference between the future value and the sum of the initial balance and all periodic deposits made. It is the amount of interest accrued over the term of the IRA.
Attributes: None
🟥 <Yield>
| Element Type | Data Type |
|---|---|
| Data | Currency |
The APY (annual percentage yield) is the rate of return on an investment over the term of a year. The APY takes compounding into account, and if the compounding frequency is other than annual, the APY will differ from the interest rate.
Attributes: None