The weighted average cost of capital of a firm is 12 per cent. The company is planning to invest in a new project that will earn the company $50 million as incremental free cash flow in the first year. The cash flow is then estimated to grow at 3 per cent every year forever. The project requires an initial investment of $400 million. The value of the project is equal to:

$183.3 million

$555.6 million

$583.3 million

$155.6 million