A 6 inch target will measure approximately .42 mils at 400 yards. If you are practiced, you should be able to get within a .05 mil accuracy range for measurement. At a .35 mil reading, you'll calculate 475 yards; at .40 mils, 417 yards; at .45 mils, 370 yards. With my .308, if I dialed for the 417 yard hold, I would be .2 mils (8cm) off, whereas if I dialed for the 370 yard, I would also be .2 mils off. This means in a best case scenario, you could probably expect to be within +/- .2 mils at 400 yards if you mil a 6 inch target. A 6 inch target is ~15 cm tall, meaning you might be hitting right over the top or right underneath.
For what it's worth, a soda can is less than 5 inches tall, meaning your margin of error to make a hit will decrease, and your potential error in ranging will increase. In other words, don't expect a first round hit.