Quoted:
What is each click on the NM rear equal to ?
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Depends on who's NM sight you've bought and which version. It could be 1 moa per click or 0.5moa per click.
Easiest (most fun) way to check is to go to the range and fire a 5 shot group at 25 yards.
Go up 16 clicks.
Shoot another group. then measure the distance between the center of the two groups.
a 1 MOA per click rear sight will have moved the group 4", a half MOA group would have moved the group only 2".
This of course assumes you shoot tight groups for the best precision.
Sight adjustment (moa per click) will be ( measured distance * 4 ) / 16