($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	13,700	1,594	3,057	6,433	10,644	10,095	5,867	3,379
Present value at 19%	13,700	1,339	2,159	3,817	5,308	4,230	2,066	1,000
Net present value	3,541	(sum of PVs)

Restate the above net cash flows in real terms. Discount the restated cash flows at a real discount rate. Assume a 19% nominal rate and 11% expected inflation. NPV should be unchanged at +3,541, or $3,541,000. (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.)