BnL is reviewing its past performance and formulating its strategy for the future.

Last year, BnL had total revenue of $$3\mathrm{.}2$ billion and variable costs of $$2\mathrm{.}5$ billion. It had a customer base of $1\mathrm{.}46$ million. BnL$$s uses a discount rate of $10\%.$

BnL was quite happy with its current customer retention rate of $91\%.$ However, a recent report indicated that the industry$$s average customer retention rate is $93\%.$

Through an internal audit, BnL found that by improving the company$$s customer service, it can increase its retention rate from $91\%$ to $93\%.$ However, this would cost an additional $$500$ per customer.

Using the Customer lifetime value metric for BnL$,$ would you advise BnL to undertake this project to improve their customer service and retention rate? Provide the logic and reasoning for your recommendations along with the customer lifetime value calculations.