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Choose the "Shoot" action from attacks, and left click a target. You will get a meter determining the accuracy of your shot. The accuracy will tick up the longer you stand aiming at the target. You will lose some of your aim if you, or the target moves. The further away the target is, the harder it will be to hit. You can move while aiming by using ctrl+leftclick.
Effective marksmanship skill is determined by the lowest value of your:
1) Weapon, factored by its IEMM (Intrinsic Effective Marksmanship Modifier) 2) Ammunition, factored by its IEMM 3) Marksmanship skill. Given that the bow and arrows have IEMM 2.0, if you have marksmanship 35, a q70 bow (i.e. effective marksmanship 140) and q 45 arrows (i.e. EM 90), you will aim with an effective skill of 35.
If you have marksmanship 35, arrows Q 7 (i.e. EM 14) and a bow of Q 34 (i.e. EM 68), you will have an effective marksmanship skill of 14. The higher your marksmanship, the easier it is to aim. To put it in words, the equipment often supports you into higher ranges of Marksmanship than it has quality.
Weapons have an intrinsic difficulty level. Some weapons are harder to use than others. Using the standard woodbow as a reference point, the sling is twice as easy to aim with, and the ranger's bow thrice as hard. If you feel that you aim well with a woodbow, you will then need thrice the effective marksmanship value to hit equally well with a ranger's bow.
The archery meter tells you your percent chance to hit the target. To fire the shot, left-click anywhere. To cancel a drawn shot, right-click anywhere. Again, you can move while aiming by using ctrl+leftclick (Strafing ftw!).
When you fire, and hit, damage will be calculated as follows. The damage of the weapon and the damage of the projectile are added to form the maximum damage in a range, within which a random damage is chosen. The minimum damage is calculated from your own perception, the target's agility and the maximum damage as (0.5 * (PERC / AGIL) * MAX-DAMAGE). Watch it, foxes have high agility.
Ranger's Bow, Q10: 300 damage, IEMM 3. Woodbow, Q10: 75 damage, IEMM 2. Sling, Q10: 60 damage, IEMM 2.
Bone Arrow, Q10: 20 damage, IEMM 2. Stone Arrow, Q10: 10 damage, IEMM 2. Stones, Q10: 0 damage, no IEMM (i.e. their quality do not matter).