1. Saving and investment in the national income accounts The following table contains data for a hypothetical closed economy that uses the dollar as its currency. Suppose GDP in this country is $1, 260 million. Enter the amount for consumption. Value National Income Account ( Millions of dollars) Government Purchases (G) 300 Taxes minus Transfer Payments (T) 270 Consumption (C) Investment (I) 210 Complete the following table by using national income accounting identities to calculate national saving. In your calculations, use data from the preceding table. National Saving (S) = 5 millionComplete the following table by using national income accounting identities to calculate private and public saving. In your calculations, use data from the initial table. Private Saving = million Public Saving = million Based on your calculations, the government is running a budget