Lets arrange the letters of RANKING alphabetically
AGIKNNR
Please note that only N is repeated twice
Words starting with letter A = 6!/2! = 360
Words starting with letter G = 6!/2! = 360
Words starting with letter I = 6!/2! = 360
Words starting with letter K = 6!/2! = 360
Words starting with letter N = 6! = 720
Words starting with letter RAG = 4!/2! = 12
Words starting with letter RAI = 4!/2! = 12
Words starting with letter RAK = 4!/2! = 12
Words starting with letter RANG = 3! = 6
Words starting with letter RANI = 3! = 6
Words starting with letter RANKG = 2! = 2
Words starting with letter RANKIG = 1 = 1
And next word is RANKING, so + 1 = 1
Sum of all = 4*360 + 720 + 3*12 + 2*6 + 2 + 1 +1 = 2212