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Proofreading, which is the review of the edited manuscript to make sure that all corrections were made and that no new errors were introduced -- which makes it different from editing -- is usually charged (here in the U.S.) on either a per page or an hourly basis. How fast a proofreader can work depends on the subject matter and the exact extent of the work required, but in the U.S., hourly rates range from $20 to $50 and higher, and per-page rates range from $2.00 to $10.00 and higher.
In my 27 years of offering proofreading service, I have never charged by the word and I do not know any professional proofreaders who charge by the word. That is not to say that none do, just that I don't know of any.
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