You are the head of the project selection team at Broken Arrow Records. Your team is considering three different recording projects. Based on past history, Broken Arrow expects at least a rate of return of $25\%.$

Given the following information for each project, which one should be Broken Arrow's first priority? Should Broken Arrow fund any of the other projects? $($Use the NPV function in Excel to solve this problem$).$

Project: Time Fades Away

Year Investment Revenue Stream

$0500,0000$

$1500,000$

$280,000$

$315,000$

$415,000$

$511,000$

Project: On the Beach

Year Investment Revenue Stream

$0600,0000$

$1600,000$

$2105,000$

$320,000$

$424,000$

$58,000$

Project: Tonight's the Night

Year Investment Revenue Stream

$0400,0000$

$1400,000$

$2114,000$

$373,000$

$418,000$

$511,000$

Which project should be Broken Arrow's first priority?