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Herecomes the google page rank formula..It might not accurate, but it is also a factor
Layman’s term
PR[A] – Page Rank Bost your page A
t1 – Someone’s Site
PR[t1] – Page of site which links to you
c[t1] – Amount of total links that [t1] has
d – Damping factor (amount of PR which actually pass on when you vote/link to another site)

Formula is
PR[A] = [1-d]+d[PR[t1]/c[t1]+PR[t2]/c[t2]……+PR[tn]/c[tn]]

e.g.:
www.any-many.blogspot.com
linked by xyz.com(PR -4 -> outbound links 9 on this page)
PR[AKA] = [1-0.85]+.85{4/10]
=.15+.85(5)
=.49

so now the page rank is .49..

This is also one of the fact behind the page rank story…