Reducing RPM's also allows you to get a greater range out of the fuel you have. To get the best range, you'll need to adjust your manifold pressure along with your RPM settings. Bring up your clipboard, and go to E6B. There should be certain Manifold Pressure and RPM values for certain flight settings such as Military Power, Max Cruise, etc that give you the Manifold Pressure/RPM values for those settings.
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