North Pole Inc., a Canadian company, has an opportunity to invest in India. The project requires an immediate cash outlay of $2 million and is expected to provide after-tax cash flows of $600,000 in year 1, $800,000 in year 2, $1,000,000 in year 3, and $1,200,000 in year 4. The beta for a similar project in Canada is 1.2. The risk-free rate is 5 percent and the market risk premium is 7.5 percent. The risks of implementing such a project in India will require a risk premium of 4.5 percent. What will be the impact on the shareholder value of North Pole Inc. if the firm undertakes this project?

A. Increase by $285,564

B. Increase by $527,358

C. Increase by $616,918

D. Increase by $917,295