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Pagerank is perpetually updated - however, visible pagerank only appears to update every 3-4 months.
Google continually update and track the pagerank of all websites.
Initially when PR was introduced, it fooled people into believing a high PR would mean first page search rankings... all it does it reflect the relative importance to google on how often they crawl and how deep they index a site (my opinion).
PR doesn't influence search results directly, but if google crawl your website and index it fully and frequently, then you stand a much greater chance of having pages found for less frequently searched terms.
PR was abused by link spammers and as such is not a measurement of how a page would rank.
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