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This assumes you haven't already maxed out the GPA value for the course. If you already have a 92 (I went to a school that didn't have "A+", YMMV), there's no reason to increase your grades, and anyone else increasing their grade has the potential to devalue yours.

Note that this is fixed by just averaging your actual grades out of 100 to form your GPA, instead of mapping from a 0-100 range to an enumeration to a 0-4 scale then averaging the results.

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Since this is for extra credit on a term paper that hasn't been graded yet, isn't it a little early to know (for sure) that you maxed your grade?

Depends on the relative value to the rest of the course, I suppose. If you've been acing every test and homework you can be relatively confident you'll do well - at least, this was my experience in college. I didn't have many classes that had grades entirely based on one assignment though.

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