Can we use built in formulae of MS Excel for appraisal of Investment Projects under consideration ? Can we perform multiple test simultaneously ?

Yes, sure

we can

Yes Mohammad, we can set up excel to calculate various investment appraisal measures. The format can be used time and again. The measures will be, payback period, discounted payback, NPV, IRR, MIRR. Also we can incorporate probability to arrive at expected returns, also inflation rate adjustments can be incorporated.

Yes. We can.

YES ,OF COURSE 

yes we can use various investment appraisal formulas like npv, irr but some time we have to create our own formula like payback ,as payback formula isn't available in excel.