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My school doesn't rank, but it does disclose the highest GPA- a 4.86 (weighted). Colleges will compare my weighted GPA, a 4.52, to it.
My school offered only one weighted course in 9th grade, so my overall weighted GPA is "diluted" by my 9th grade courses (I took all possible honors/AP courses in 10th, 11th, & 12th grade). However, the student who has the 4.86 transferred to our school in 10th grade, and thus has a disproportionally higher weighted GPA than everyone else.