Taken from the BOINC Wiki:
Recent average credit
To calculate the useful amount of work provided by a computer, a special calculation called Recent Average Credit (RAC) is used. This calculation is designed to estimate the number of credits a computer, user, and team will accumulate on an average day. Due to the many variables not taken into account including the inconsistency of host processing, time it takes to validate work units, discrepancies in benchmarks, and possible project down time, the RAC calculation proves to be only a guide. Additionally RAC is independent of computers, users, and teams, meaning they cannot be simply added up. RAC was originally meant to help scientists understand the computational power available to them and to increase competition among users by allowing even new users to quickly move up in rank based on RAC, which should directly reflect how fast work is being processed.
Taken from BOINC FAQ:
RAC stands for Recent Average Credit.
It's the average of credit you earned (your ID, your computer, your team) of the period of time, since you started earning credit. You can compare it to your car:
Credit is like the odometer. This rises every time you get credit granted.
RAC is like the speedometer. It rises and falls with recent and past credit grants.
When you quit running the project, your RAC for that project will decay every week by being divided in half.
Or this
LINK is the RAC section of the Unofficial BOINC Wiki and seems to have the most comprehensive coverage of the topic.
PS: I got all of this in ~5 minutes by typing "How is BOINC RAC Calculated" in to Google.
And yes, it takes 2-3Wks for RAC to stabilize assuming you just let a PC run 24/7 and don't mess with it.