Originally Posted by
humesd
EDIT: I looked at my records: it looks like I indeed got lucky and booked many $49 flights in 2018 for ~2500 miles, which is why I assumed I was still getting 2 cents per RR point.
As we've discussed, lower fares can be a better value than higher ones, giving the appearance of better redemption rates, while actually maintaining 78/$1.
2517 points is a $49 cash fare, of which $32.26 is base fare. 32.26 x 78 = 2516.28.