($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	15,160	2,116	2,800	7,712	13,084	11,784	6,832	3,542
Present value at 20%	15,160	1,763	1,944	4,463	6,310	4,736	2,288	989
Net present value	3,806	(sum of PVs)

Restate the above net cash flows in real terms. Discount the restated cash flows at a real discount rate. Assume a 20% nominal rate and 10% expected inflation. NPV should be unchanged at +3,806, or $3,806,000. (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.)