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How does “Reputation” work?

Since there is a daily rep limit of 200, how can users with who have been members for less than 5 years have 400k reputation?

400k/200/365=5.47
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    You can still get rep by other methods regardless of the cap. I think having your answers accepted can put you over the rep cap.
    – JimmyPena
    Jul 19, 2012 at 15:07
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    It's Jon Skeet. He was answering SO questions before SO was created. On a serious note, you can get points above and beyond the daily rep limit from having answers accepted and accepting answers on your questions.
    – Lloyd Powell
    Jul 19, 2012 at 15:20

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Because there are other things that don't count toward the daily limit, e.g. +15 for an accept of your answer, +2 for accepting someone's answer, bounties, etc. I've received over 300 on many days mostly because of accepts.

From the FAQ:

accepted answers and bounty awards are not subject to the daily reputation limit.

However note that it was recently suggested the wording be made more clear.

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