critter_getter-- The maximum effective range is dependent upon which bullet you are going to use and what your intended muzzle velocity will be. For the 40 gr. V-Max and the 39 gr. Sierra BlitzKing I am listing below, your effective range on coyotes would be about 475 yards for the 40 gr. bullet and about 487 yards for the 39 gr. bullet if you figure a 40 pound coyote and that you need about 10 ft-lbs of energy for each pound of coyote for an effective kill.
The 32 gr. V-Max has been used on coyotes by several posters here, but it's effective range on coyotes would only be about 362 yards.
For example, the 40 gr. V-Max has a reported BC of .275. If you load that bullet to leave the muzzle at 3,800 fps, the center of your scope is 1.6" above the center of the muzzle, the temperature is 59.6º, humidity 35%, barometer at 29.92", and your elevation is 1,800 ft. then your bullet would have 488.1 ft-lbs of energy and be travelling at about 2,344.4 fps at 400 yards. The bullet would still have 399.1 ft-lbs of energy at 475 yards and a velocity of 2,119.8 fps. According to the "experts," the ft-lbs of energy at 475 yards (399.1) is sufficient to dispatch a 40 pound coyote. The ft-lbs of energy drops to 372.3 at 500 yards and velocity dips to 2,047.5 fps.
Take and substitute a 39 gr. Sierra BlitzKing bullet with a reported BC of .287 and use the same muzzle velocity and all the other variables and you would have 497.2 ft-lbs of energy at 400 yards with a velocity of 2,396.2 fps. You'd still have 410.9 ft.-lbs of entergy at 475 yards with a velocity of 2,178.2 fps and at 500 yards the velocity would be 2,107.9 fps and ft-lbs of energy would be at 386.7 ft-lbs.
The trajectory and wind drift for the 39 gr. Sierra bullet will be a little bit better than that of the 40 gr. V-Max.
I set my scope for a 250 yard zero on my Savage 12VLP in .204 Ruger and the 40 gr. V-Max would be 2.5 inches low at 300 yards with 8.2 inches of drift (10 mph side wind) while the 39 gr. Sierra bullet would be 2.4 inches low with 7.8 inches of drift.
At 400 yards the 40 gr. bullet would be 11.3 inches low and the wind drift would be 15.5 inches and the 39 gr. Sierra would be 11.0 inches low at 400 yards and would drift 14.7 inches. At 500 yards the 40 gr. bullet would drop 26.5 inches and drift 25.7 inches while the 39 gr. bullet would drop 25.7 inches and drift 24.3 inches.
If you are going to use the 32 gr. V-Max with the BC listed at .210, and with the same variables listed for the 39 and 40 gr. bullets above, except the muzzle velocity at 4,200 fps, then you'll be 2.3 inches low at 300 yards with wind drift of 10 inches and ft-lbs of energy at 498.6 with remaining velocity at 2,649.1 fps. At the 400 yard mark your drop will be 10.9 inches, wind drift at 19.2 inches, ft-lbs of energy has dropped to 355.4 while velocity is at 2,236.4 fps. At 500 yards your drop is 26.5 inches, wind drift 32.5 inches, ft-lbs of energy 246.4 and velocity is at 1,862.2 fps. The ft-lbs of energy hits the "magic" 400 level right about at the 362 yard mark.