Chelsea Notices That Her Preferred Stock from Landings, Inc

Chelsea notices that her preferred stock from Landings, Inc., has a par value of $40. She knows that this $40

A) represents the price she paid for the stock.
B) represents the amount she could sell the stock for.
C) is the amount Landings will pay her each year.
D) is an assigned and often arbitrary number.
E) is the redemption value of the stock.