($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	13,200	1,544	3,007	6,383	10,594	10,045	5,817	3,329
Present value at 19%	13,200	1,297	2,123	3,788	5,283	4,209	2,048	985
Net present value	3,940	(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 +3,940, or $3,940,000. (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.)