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Pages and websites with lots of PR generally have external links (votes) from other websites. The more votes you have, the more perceived authority your site or page has within the Google machine. The knock on effect is that as a result it is easier to rank for the keywords that you aspire.
Whilst it isn't the be all and end all of any SERP performance, it is nonetheless, an important metric that many other systems have tried to emulate and reverse engineer.
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