| Sean is right, Attack rating (AR) is your chance to hit a monster. It doesn't increase how many attacks/frame you do, that is decided by IAS, but it decides your chance to hit with your attack. Since different monsters have different defense, your % chance to hit with an attack depends on both your AR and the monsters defense. If you hover your mouse tracer on your AR figure on the character screen, you will the chance to hit the last monster you battled with, for instance "chance to hit Ghoul lord 92%".
Since a bowazon always want a very high AR, you are better off with items that give you %AR than a fix number. However, your attack speed, IAS, is more important than AR. You increase both your AR and your damage by putting points in dex, but IAS is only depending on your equipment. There are certain breakpoints for IAS for different bow types, that are good to check out. I can post them here if you like.
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