The following questions present a sentence, part of which or all of which is underlined. Beneath the sentence, you will find five ways of phrasing the underlined part. The first of these repeats the original; the other four are different. If you think the original is best, choose the first answer; otherwise choose one of the others.
These questions test correctness and effectiveness of expression. In choosing your answer, follow the requirements of standard written English; that is, pay attention to grammar, choice of words, and sentence construction. Choose the answer that produces the most effective sentence; this answer should be clear and exact, without awkwardness, ambiguity, redundancy, or grammatical error.
Approximately $120 billion in venture capital is estimated as having poured into technology, stocks during the late 1990s, creating a valuation bubble that burst in 2000.（）
A. Approximately $120 billion in venture capital is estimated as having poured into technology stocks during the late 1990s, creating
B. During the late 1990s approximately $120 billion in venture capital is estimated to have poured into technology stocks and created
C. During the late 1990s it is estimated that there was approximately $120 billion in venture capital that was poured into technology stocks, creating
D. It is estimated that during the late 1990s, approximately $120 billion in venture capital poured into technology stocks, creating
E. It is estimated that there was approximately $120 billion in venture capital that poured into technology stocks during the late 1990s and created
参考答案：D
解析：
Answers B and C are incorrect because they imply that the estimation took place during the 1990s, not during the present. A is inferior to D because "estimated as having poured" is unidiomatic; E is inferior to D because it is less concise and because the ending of E could imply that the estimation refers to the creation of the bubble as well as to the $120 billion. D is the best answer.