## Explanation

First, we get the largest value using the MAX function in E5:

```
=MAX(rng)
```

Once we have the largest value established, we create another formula that simply checks all values in the named range "rng" against the "last largest value":

```
=MAX(IF(rng<E5,rng))
```

*Note: this is an array formula and must be entered with control + shift + enter.*

Any value that is lower than the "last largest" survives the test, and any value that's not ends up FALSE. The resulting array looks like this:

```
{12;FALSE;FALSE;11;12;12;10}
```

As the formula is copied down the column, E5 increments at each row, so that MAX and IF return a new array. The MAX function continues to return the largest value in each array — the nth value in the series.

*It would be great to have an all in one formula that deals with n directly. If you have one, chime in below.*