Earlier quoted context omitted.
Really? Spreading grades out among various assignments and tests is how I managed to pass university (I coincidentally also attended the University of Calgary, hi rdlecler1!). I would have imploded if it all came down to a single giant exam. Why the heck would you want academic achievement to come down to a handful of hours of actual performance? What goal does that serve? University isn't the Olympics.
The true answer is: No grades should matter except the final exam and you should be able to take the final exam as many times as you want. (With a reasonable minimum period between retakes, possibly increasing each time.) If you take AC motors, and fail, and study your ass off and six months later can pass it with 100%, shouldn't that really be... your actual grade? Isn't a grade supposed to represent your ability an…
Besides, taking a month to solve a single calculus problem that should take 15 minutes is a pretty good demonstration that you have not mastered the material.