Create a layout in List View which displays all your records in a list, with each record displaying the Rates field and Sub-Rates field.
Value lists are used to insert data into a field, not to view a list of records.
Thanks for your help! Unfortunately, I'm still having issues. I can't seem to get the calculated field (sub-rates) to display the calculations based on the rates field. The other problem is I'd like to incorporate the fields in a non-list view layout because I will have other data displayed that must be shown differently.
Another option, which would be clean and simple if it worked would be to create a value list based on both fields (rates and sub-rates) because the user will be selecting one of the rates. Unfortunately, filemaker won't let me use a calculated field in a value list.
Calculated fields can be used to provide values for a value list, provided the calculation is a stored, indexed field. Field based value lists are drawn from a field's index so if there's no index, there's no value list that can be built from it.
You should be able to get a table of your values with either a list view or a table view layout.
You've posted: "I can't seem to get the calculated field (sub-rates) to display the calculations based on the rates field."
Exactly what have you set up and what results are you getting? Is this a problem with the calculation or a value list? If it's a value list, you may need to implement a conditional value list here.