Try this. unlike Excel you do not need to nest your IFs, so most IF statements only need one IF.
if (
[ %milstone]=0, "<
img src=https://login.quickbase.com/up/bcgnn27bx/g/rzd/eh/va/progress0.png>",
[ %milstone]> 0 and [ %milstone] <25 , "<img src=
https://login.quickbase.com/up/bcgnn27bx/g/rze/eh/va/progress25.png>",
[ %milstone]> 24 and [ %milstone] <50 , "<img src=
https://login.quickbase.com/up/bcgnn27bx/g/rzf/eh/va/progress50.png>",
[ %milstone]> 49 and [ %milstone] <75 , "<img src=
https://login.quickbase.com/up/bcgnn27bx/g/rzg/eh/va/progress75.png>",
[ %milstone]=100, "<img src=
https://login.quickbase.com/up/bcgnn27bx/g/rzh/eh/va/progress100.png>")
Also note that if your [% milestone field is a % format, then it's value will range from 0.00 to 1.00
so your 2nd line will ned to read
[ %milstone]> 0 and [ %milstone] <0.25 , ......
and you will need to adjust the rest of the lines.