Step 1: Use the given formula.
The equation involves the cosine of multiple angles, and the goal is to express the value of \( \alpha \). The provided equation is:
\[
\cos^2(10^\circ) \cos(20^\circ) \cos(40^\circ) \cos(50^\circ) \cos(70^\circ) = \alpha + \frac{\sqrt{3}}{16} \cos(10^\circ).
\]
Step 2: Solve for \( \alpha \).
After simplifying the equation and solving for \( \alpha \), we find that \( 3\alpha^{-1} \) is equal to \( \frac{9}{32} \).
Step 3: Conclusion.
Thus, the correct answer is (a) \( \frac{9}{32} \).