Step 1: Concept
Use the identity $\prod_{r=0}^{n-1} \cos(2^r \theta) = \frac{\sin(2^n \theta)}{2^n \sin \theta}$.
Step 2: Analysis
Here, $\theta = 2\pi/15$ and $n = 4$.
Step 3: Evaluation
The value is $\frac{\sin(16 \cdot \frac{2\pi}{15})}{2^4 \sin(\frac{2\pi}{15})} = \frac{\sin(32\pi/15)}{16 \sin(2\pi/15)}$.
Step 4: Conclusion
Since $\sin(32\pi/15) = \sin(2\pi + 2\pi/15) = \sin(2\pi/15)$, the terms cancel out, leaving $1/16$.
Final Answer: (a)