Step 1: Concept
In a G.P., terms follow the pattern $a, ar, ar^2, ar^3$.
Step 2: Meaning
The second term is $ar = \frac{3}{4} \implies r = \frac{3}{4a}$.
Step 3: Analysis
Product: $a \cdot (ar) \cdot (ar^2) \cdot (ar^3) = a^4 r^6 = \frac{3^6}{4^5}$. Substitute $r$: $a^4 (\frac{3}{4a})^6 = \frac{3^6}{4^5} \implies \frac{3^6}{4^6 a^2} = \frac{3^6}{4^5}$.
Step 4: Conclusion
$4^5 = 4^6 a^2 \implies a^2 = \frac{1}{4} \implies a = \frac{1}{2}$ (since $r>0$).
Final Answer: (D)