The Calvin cycle proceeds in three stages.
(1) Reduction, during which carbohydrate is formed at the expense of the photochemically made ATP and NADPH.
(2) Regeneration, during which the carbon dioxide acceptor ribulose-1,5-biphosphate is formed.
(3) Carboxylation, during which carbon dioxide combines with ribulose-1, 5-biphosphate.
Identify the correct sequence from the following.