($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	12,900	1,514	2,977	6,353	10,564	10,015	5,787	3,299
Present value at 21%	12,900	1,251	2,033	3,586	4,928	3,861	1,844	869
Net present value =	2,970	(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 +2,970, or $2,970,000. (Negative answers should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in thousands rounded to the nearest whole number.)

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7
Net cash flows (real)
Net present value	$