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It matters a lot when you're in school and right after school and becomes less important as time goes on. In my AP classes in high school (way back when), it was actually 5 for an A, 4 for a B, 3 for a C and so on, since the classes were supposed to be harder. My mom actually moved me to a school where it wasn't so grainy in order to keep my GPA up for college applications.
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