Alberta Decision Making Experts $($ABDME$)$ is a management consulting firm that proceeds with decision$-$making analysis via NPV$.$ More information is provided below.

Cash Flows and Discount Rate Project $1$ Project $2$ Project $3$

Investment $($t $=0)$ $$12,345,250$ $$15,234,700$ $$21,425,190$

Cash Flow $($year $1)$ $$3,415,650$ $$6,135,060$ $$9,134,230$

Cash Flow $($year $2)$ $$3,721,590$ $$7,134,140$ $$6,123,540$

Cash Flow $($year $3)$ $$2,940,230$ $$4,134,670$ $$5,341,230$

Cash Flow $($year $4)$ $$4,213,480$ $$213,450$ $$2,473,810$

Discount Rate $($I$)5\mathrm{.}15\%7\mathrm{.}15\%3\mathrm{.}15\%$

In light of the information above, which of the three projects generates the most value? Please make your decision based on the NPV criterion.