The correct answer is $\boxed{\text{B) 45}}$.
The slenderness ratio of a column is defined as the ratio of its effective length to its least radius of gyration. In this case, the effective length is given as 4.40 m and the least radius of gyration is given as $\frac{r_c}{2} = \frac{0.32}{2} = 0.16$ m. Therefore, the slenderness ratio is $l_e/r_c = 4.40/0.16 = 45$.
Option A is incorrect because it is the effective length of the column. Option C is incorrect because it is the least radius of gyration of the column. Option D is incorrect because it is the square of the slenderness ratio.