Final answer:
The compound Fe(OH)₃ is named iron (III) hydroxide, indicating that the iron has an oxidation state of +3.
Step-by-step explanation:
The name of the compound Fe(OH)₃ is iron (III) hydroxide. In chemistry, when naming ionic compounds containing transition metals like iron, it's important to indicate the metal's oxidation state because transition metals can have more than one positive charge. The oxidation state is designated by a Roman numeral in parentheses after the name of the metal. Since the iron ion in Fe(OH)₃ has an oxidation state of +3, we use the numeral III to denote this. The hydroxide part of the compound's name comes from the OH⁻¹ ions. In conclusion, for Fe(OH)₃, with iron in the +3 oxidation state, the correct nomenclature is iron (III) hydroxide.
The information presented in this conversation, such as reactions with sodium ion and nitrate, helps illustrate how different compounds including iron (III) species are involved in various chemical processes or reactions.