That is the formula I use to sight in. This assumes of coarse your scope has 1/4 minute clicks.
Some will argue minutia but you can figure 1 minute equals 1" at 100 yards, therefore 1 minute equals 2" at 200 yards, 3" at 300 yards, 4" at 400 yards, the minutia starts being significant the farther you take this. 1 minute equals 1/2 " at 50 yards and 1/4 " at 25 yards.
It can seem counter intuitive to crank the dials so much at close range and so little at distance. Being a fat SOB I relate to a piece of pie and the angle doesn't change the further from the center you just get more pie.