Using the formula:
4(3.4/4.5) = x
x=3.022
This calculation generally underestimates the actual value by at least a couple tenths of a grade point. This is because different grade scales do not use proportions in assigning point values to partcular letter grades. Not only that, but assignments may vary from school to school even on the "same" scale, and +/- may or may not be distinguished.
A hypothetical example of how the above calcultion underestimates a GPA:
Let's assume on a 4.5 Scale: A=4.25 (A+=4.5)
And assume on a 4.0 scale: A=4
If a hypothetical student got all As in some number (which doesn't matter in this example since the grades are all the same) of classes, their GPA on a 4.5 scale would be 4.25, and 4.0 on a 4.0 scale. Simple, right?
Do the math and see if it gives the correct conversion:
4(4.25/4.5)= 3.77...
This is nearly .25 grade points below the actual 4.0 GPA!
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