There are three major components to this course:
To my mind, I value these components in descending order of importance. Item 1 contributes about 65% of your grade, item 2 about 30%, and item 3 about 5%. These are approximations because the divisions between the three are rather artificial. Furthermore, this course is offered on a S/U (satisfactory/unsatisfactory) basis only, thus giving the instructor the freedom to regard the three components of your grade somehwat subjectively.
We will probably not find out whether or not a solution is accepted for publication until after the course ends, indeed we won't even be able to corroborate the correctness of a solution with the journal editors until the course ends. Hence, item 2 cannot figure too prominently into the grade calculation, despite the fact that item 2 is the main goal of the course. However, it goes without saying that a student (or a group of students) who correctly (in the instructor's opinion) solve a journal problem, write up the solution, and submit it to the journal editors can say with confidence that the course is a successful experience for them. Let me emphasize, on the other hand, that it is not necessary to solve a journal problem in order to earn a satisfactory grade. Just participating and trying to solve the problems is sufficient to pass the course. It's all about the journey, in this course!
Of course, since the course may be repeated for credit, it is to be hoped that the students enrolled will take the course many times over, in the hope of participating in the solution of a journal problem at some point.