($ thousands)

Period 0 1 2 3 4 5 6 7 Net cash flow 13,100 1,534 2,997 6,373 10,584 10,035 5,807 3,319 Present value at 20% 13,100 1,278 2,081 3,688 5,104 4,033 1,945 926 Net present value = 3,399 (sum of PVs)

($ thousands)

Periods	0	1	2	3	4	5	6	7
Net cash flow	-1300	-1534	2997	6373	10584	10035	5807	3319
PV @ 20%	-1300	-1278	2081	3688	5104	4033	1945	926
NPVs	3399	(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 +3,399, or $3,399,000. (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.)

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