Many shot & Rapid shot, how many attacks yet again...

[Malith]

So the question came up in our weekly game about just how Rapid Shot & Manyshot interact when used at the same time. I play a 7th level ranger in our game with both Rapid Shot and Manyshot, and thought that upon reaching level 7 and gaining two attacks per round that they would fire 5 arrows per round. I know I have even seen a thread somewhere around here on the forums talking about this exact question, but for the life of me I can't find that thread anywhere. Another player however when I went to attack on my round thought it only granted four arrows per round rather than five. So I know there are some very knowledgeable people on the forums here I hoped I could ask for some help figuring out what is the right way and how exactly does it break down?

My understanding of how it works is:
2 attacks at BAB +7/+1

With Manyshot there is 1 extra arrow fired along with the first attack that either hits or misses the same way as the 1st arrow. Rapid shot then grants a 3rd arrow fired along with the first attack that is rolled separately to hit causing a -2 to hit penalty on each attack that round.
The Ranger then makes his 2nd attack firing a 4th arrow still at a -2 penalty, followed by another extra (5th) arrow granted by Rapid Shot.

[Wind Chime]

Assuming bab 7 you get two attacks from your BAB the first shooting two arrows, then you get another 1 attack from rapid shot. Which means 3 attacks and 4 arrows or 4 attacks and 5 arrows with haste.

[proftobe]

rapid shot is only applied once giving you 3 attacks with 4 arrows.
base attack +7/+2
rapid shot/many shot +5/+5/+0
all attacks take the rapid shot penalty, but the first attack causes 2 arrows to hit because of manyshot.

[MacGurcules]

Also, it should be mentioned that you ought to have gained your second iterative attack at level six if you're a full-class Ranger.

[Gilfalas]

Level 7 Ranger:
+7 on First Shot, +2 on second. Two Total rolls to hit that round.

Level 7 Ranger with Rapid Shot:
+5 / +5 / +0 Three rolls to hit with three arrows fired.

Level 7 Ranger with Manyshot:
+7 on First Shot, +2 on second. Two rolls to hit. If the first shot hits you roll your arrow damage twice, not once. You fire two arrows with the first roll/attack.

Level 7 Ranger with both Rapid Shot and Manyshot together:
+5 (Two Arrows with one attack roll) / +5 (Second shot from Rapid Shot / +0 (Last shot in the round.

Three rolls with 4 arrows being used.