(A) is the right answer.
RBCs contain a very high concentration of the enzyme, carbonic anhydrase and minute quantities of the same is present in the plasma too. This enzyme facilitates the following reaction in both directions. At the tissue site where partial pressure of CO2 is high due to catabolism, CO2 diffuses into blood (RBCs and plasma) and forms HCO3– and H+,. At the alveolar site where pCO2 is low, the reaction proceeds in the opposite direction leading to the formation of CO2 and H2O. Thus, CO2 trapped as bicarbonate at the tissue level and transported to the alveoli is released out as CO2 (Figure 17.4). Every 100 ml of deoxygenated blood delivers approximately 4 ml of CO2 to the alveoli.