($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	13,800	1,604	3,067	6,443	10,654	10,105	5,877	3,389
Present value at 18%	13,800	1,359	2,203	3,921	5,495	4,417	2,177	1,064
Net present value =	4,118	(sum of PVs)

Restate the above net cash flows in real terms. Discount the restated cash flows at a real discount rate. Assume a 18% nominal rate and 12% expected inflation. NPV should be unchanged at +4,118, or $4,118,000. (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.)