Net cash flow	13,400	1,564	3,027	6,403	10,614	10,065	5,837	3,349
Present value at 21%	13,400	1,293	2,067	3,614	4,952	3,880	1,860	882
Net present value	2,563	(sum of PVs)

Restate the above net cash flows in real terms. Discount the restated cash flows at a real discount rate. Assume a 21% nominal rate and 9% expected inflation. NPV should be unchanged at +2,563, or $2,563,000.