Step 1: Formula for the median in an equilateral triangle.
In an equilateral triangle, the median from any vertex divides the opposite side into two equal halves and the median is also the altitude. For an equilateral triangle with side length \( a \), the median is given by:
\[
\text{Median} = \frac{\sqrt{3}}{2} a
\]
Step 2: Use the relationship for \( CD^2 \).
Since \( CD \) is the median in an equilateral triangle, \( CD^2 \) is given by the formula:
\[
CD^2 = \frac{3}{4} AB^2
\]
Thus, the value of \( CD^2 \) is \( \frac{3}{4} AB^2 \). The correct answer is (B).