Effective range depends on the object or critter to be hit, killed, or destroyed.
As a hunting weapon, anything beyond 80 yards is difficult due to range determination/trajectory and wind.
As a plinking rifle, it depends on the target size and number of shots you want to use to hit it. I've hit objects beyond 230 yards, but had to aim about 3-4 feet high, depending on the round. I never tried adjusting my scope for that distance because it wasn't serious shooting, just trying to hit milk jugs or cans laying out there. Wind can be more difficult to compensate for than elevation at extreme ranges.
Being a rimfire benchrester, I haven't even shot my bench guns beyond 50 yards because we don't compete at longer ranges and don't want to waste $15/box ammo. At 50 yards, my rifles will shoot under 1/4" groups and one has shot two perfect 250x250s and a 249 at one three-target IR 50-50 Unlimited match last summer.
BTW: If that Savage is shooting 1/2" groups at 100 yards, you should try some benchrest matches with it. I've seen a lot of claimed 1/2 minute groups, but never with an inexpensive sporter like that one. It's either a 1 in a million rifle, or somebody isn't counting flyers.