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That is a fine fine question! PR has to do with backlinks, but look at it this way. You could have 100 back links from a PR 3 site or 10 backlinks from a PR 5.
To increase your PR get more backlinks, but PR has much more to do with how many backlinks, PR is also determine by quality backinks and relevancy of backlinks along with the PR site that is giving you the backlink
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