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It is possible to use the attendance block to keep track of class participation for a class meeting by replacing attendance codes with participation levels.

Troubleshooting

If the number of points that attendance is worth is changed, sometimes the gradebook does not recalculate.  To force an update, change a point value in the attendance settings area (e.g. change present from 2 to 3 points) and then set the point value back to the desired value.  This forces a recalculation of the grades.