A student investigated the effect of light intensity and carbon dioxide concentration on the rate of photosynthesis in the aquatic plant Elodea. The rate was measured as the number of oxygen bubbles produced per minute. The results are shown in the table.
| Light intensity (arbitrary units) | CO2 concentration (%) | Rate of oxygen production (bubbles min⁻¹) |
|---|---|---|
| 10 | 0.03 | 5 |
| 20 | 0.03 | 10 |
| 30 | 0.03 | 15 |
| 40 | 0.03 | 18 |
| 40 | 0.15 | 30 |
Predict which factor (light intensity or carbon dioxide concentration) is limiting the rate of photosynthesis when the light intensity is 40 units and the CO2 concentration is 0.03%. Explain your reasoning using the data.