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The equation for photosynthesis can be summarized as:
\[ \text{Carbon dioxide} + \text{Water} \rightarrow \text{Glucose} + \text{Oxygen} \]
In this process, light energy (usually from the sun) is absorbed by plants and is converted into chemical energy in the form of glucose. Additionally, oxygen is released as a by-product.
Therefore, the correct answer is:
**C. Light energy is entering and chemical energy is exiting.**