Final Exam

I was wondering how the final exam is going to work. After reading the final proficiency evaluation I saw that it said,
"I will place the best questions here rather than on the gradable final exam, because here they can help you learn, whereas on a gradable final, where secrecy and security are essential, it can only "grade" your overall mastery of the course content. Note that this evaluation, when combined with Proficiency Evaluations 1, 2, and 3, covers essential knowledge that passing COSC 120 requires (which is the prerequisite for COSC 330), i.e. these four proficiency evaluations, when combined, are the best, comprehensive "final exam" I can write. Therefore, at the end of the course, you can retake these evaluations over and over until you make 100% on all 200 questions (without guessing!). Thus, everyone can be guaranteed (as far as examination make this possible) that they have mastered the fundamentals and are therefore proficient in the course content."

However, on the syllabus it says that the final exam is worth 15% of our grade. So, I was confused as to if the exam is going to be graded and if we would be taking it on the computer or paper and pencil.