$ thousands$)$

Period

$01234567$

Net cash flow $12,9001,5142,9776,35310,56410,0155,7873,299$

Present value at $21\%12,9001,2512,0333,5864,9283,8611,844869$

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.($Negative answers should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in thousands rounded to the nearest whole number.$)$