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How does Google handle nofollowed links?
In general, we don't follow them. This means that Google does not transfer PageRank or anchor text across these links. Essentially, using nofollow causes us to drop the target links from our overall graph of the web.
Will Google take into consideration that single anchor text link and index and rank my page?
Or will Google completely ignore that anchor text and not index that page at all?
...Google does not transfer PageRank or anchor text across these links....
However, as I mentioned in the earlier post, there were some tests done in the past where the page A had a link to page B with link nofollowed and unique anchor text. In some tests the target page (B) did come up in search for that anchor text, in other tests it did not. Also, these tests were done some year(s) back so it may not be the same now.