how does pay per CPM pay us?

[john]

I think the CPM rate matters a lot , in my adsense account after some 150 page views i got a click and earned $0.01

My CPM was very low actually.

I don't think adsense paying for CPM. I never read any term and policy about that in adsense. Adsense just pay us via CPC.

well adsense do give CPM but very rarely 1 in 100 instances if some body is lucky then he/she may get it.CPM ads mainly depends on advertiser biddings.