Restate the net cash flows in Table 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+3,802, or$3,802,000.

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Period 3 0 2 4 6 Capital investment and disposal10,000 Change in working capital Sales Cost of goods solda 1,949 1,581 2,002 0 -550 -7391,9721,629 1,307 523 12,887 32,610 48,901 35,834 19,717 7,729 19,552 29,345 21,49211,830 1,772 1,939 4,000 2,200 1,210 262 3,686 1,484 2,947 -12,600 1,237 2,047 5 Other costs 1,464 5,929 8,295 12,163 6,323 10,534 5,080 1,331 3,432 1,611 4,053 Tax 1,4001,580 Operating cashfw 3-4-5-62,600934 682 8,678 4,176682 5,757 3269 912 Net cash flo 27 Present value at 20% 9,985 4,013 3,659 1,928 0 Net present value 3,802 (sum of 9)