In recent versions of Excel, RANK has actually been split into two different functions: RANK.AVG and RANK.EQ.
They provide similar results, but how they differ is important.
RANK.AVG returns the average position of multiple results. So if your reference list goes 4, 3, 3, 2, 1, the average rank of 3 would be 2.5.
RANK.EQ returns the highest rank of multiple results. In the reference list 4, 3, 3, 2, 1, this function returns 2, because that’s the highest rank of the number 3.
You can still use the RANK function without appending AVG or EQ, but Microsoft recommends that you use one of the newer functions. RANK might not work in future versions of Excel. But while it does work, it functions like RANK.EQ.