Step 1: Concept
Recognize the triple angle formula: $\cos 3\theta = 4\cos^3 \theta - 3\cos \theta$.
Step 2: Meaning
We need to calculate $\cos 3\theta$ given the value of $\cos \theta$.
Step 3: Analysis
If $\cos \theta = \frac{1}{2}(e^{i\theta} + e^{-i\theta})$, then let $a = e^{i\theta}$. Then $\cos 3\theta = \frac{1}{2}(e^{i3\theta} + e^{-i3\theta})$.
Step 4: Conclusion
Substituting $a^3$ for $e^{i3\theta}$, we get $\cos 3\theta = \frac{1}{2}(a^3 + 1/a^3)$.
Final Answer: (B)