Sisyphean Company is considering investing in a new walking stick manufacturing machine, which has an estimated life of three years. The cost of the machine is €30,000 and the machine will be fully depreciated over its three-year life with a residual value of €0. The cane making machine will result in sales of 2,000 canes in year 1. Sales are estimated to increase by 10% each year until year 3. The price per cane that Sisyphean will charge its customers is €17 each and will remain stable. Sticks have a unit cost of €8. The installation of the machine and the subsequent increase in manufacturing capacity will require an increase in various net working capital accounts. It is estimated that Sisyphean should hold 2% of its annual sales in cash, 5% of its annual sales in accounts receivable, 10% of its annual sales in inventory, and 6% of its annual sales in accounts payable. The business is in the 35% tax bracket and has a cost of capital of 9%.

What is the required net working capital in year two for Sisyphean Corporation's project?

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