College Answer

It was expected answers would describe each of the main categories of how CO2 is carried:
Dissolved (10%), Plasma Bicarbonate (70%) and conjunction with plasma proteins and Hb as 
Carbamino Hb (20%). An opening statement quantifying the amount of CO2 dissolved in 
arterial (48mL/100mL) and venous blood (52mL/100mL) (4mL/100mL) and how this 
compares with Oxygen was expected (20 times more soluble).
For dissolved CO2, the application and description of Henry’s Law was awarded marks. 
A description of the consequences of the Haldane effect: difference in CO2 carriage of 
oxygenated and deoxygenated blood was expected. A diagram of pCO2 v CO2 content was 
helpful

Discussion

That "opening statement" they ask for would probably sound something like this:

• The arterial blood CO₂ content (480ml/L) is lower than the mixed venous CO₂ content (520ml/L)
• This is substantially higher than the oxygen content of blood
• This is because CO₂ is not only 20 times more water-soluble than oxygen, but also because it is carried in a number of different forms

CO₂ is transported by three (maybe, four) major mechanisms:

• As bicarbonate (HCO₃^- ), 70-90% of total blood CO₂ content
  • Combined with water, CO₂ forms carbonic acid, which in turn forms bicarbonate:
    CO₂ + H₂O ⇌ H₂CO₃ ⇌ HCO₃^- + H⁺
  • This mainly happens in RBCS
  • The rise in intracellular  HCO₃^- leads to the exchange of bicarbonate and chloride, the chloride shift. Chloride is taken up by RBCSs, and bicarbonate is liberated.
  • Thus chloride concentration is lower in systemic venous blood than in systemic arterial blood
• As carbamates, the conjugate bases of carbamino acid (about 10-20%)
  • Dissociated conjugate bases of carbamino acids, which form in the spontaneous reaction of R-NH₂ and CO₂.
  • Intracellular (RBC) carbamino stores are the greatest: haemoglobin, particularly deoxygenated haemoglobin, has a high affinity for CO₂, whereas most other proteins do not
• As dissolved CO₂ gas, about 10%
  • Henry's law states that the amount of dissolved gas in a liquid is proportional to its partial pressure above the liquid
  • Thus, for every 1 mmHg of pCO₂ the blood concentration increases by about 0.03 mmol/L
  • Thus, CO₂ is 10-20 times more soluble than oxygen 
• Carbonic acid: 
  • A miniscule proportion of total carbon dioxide exists in this form, i.e. it is not a major contributor to CO₂ transport

There is a difference between arterial and venous CO₂ content:

• Mixed venous blood has a total CO₂ content of  about 22.5 mmol/L
  (or 520 mL/L)
• Arterial blood has a total CO₂ content of about 20.5 mmol/L 
  (or 480ml/L)
• Much of this difference is due to the increase in bicarbonate concentration (85%)
• Some of this difference is also due to the Haldane effect:
  • Deoxyhaemoglobin has about 3.5 times the affinity for CO₂ when compared to oxyhaemoglobin
  • This increases the CO₂ binding capacity of venous blood
  • Deoxyhaemoglobin is also a better buffer than oxyhaemoglobin, which increases the capacity of RBCs to carry HCO₃^-

Though this answer is already growing overlong, one cannot help but add a "a table of the contribution of each form of carriage to arterial and venous content and the AV difference". This is put together using data from Geers & Gross (2000):