Problem:
Personal income amounted to $17 million last year. Personal current taxes amounted to $4 million and personal outlays for consumption expenditures, nonmortgage interest, and so forth were $12 million.
Required:
Question 1: What was the amount of disposable personal income last year.
Question 2: What was the amount of personal savings last year?
Question 3: Calculate personal saving as a percentage of disposable personal income?
Note: Show supporting computations in good form.