Concept:
We use the triple angle identity:
\[
\cos 3\theta=4\cos^3\theta-3\cos\theta
\]
Step 1: Given:
\[
\cos\theta=\frac{1}{2}\left(a+\frac{1}{a}\right)
\]
Step 2: We need to find:
\[
4\cos^3\theta-3\cos\theta
\]
Using the identity:
\[
4\cos^3\theta-3\cos\theta=\cos 3\theta
\]
Step 3: If
\[
\cos\theta=\frac{1}{2}\left(a+\frac{1}{a}\right)
\]
then by the standard expansion form:
\[
\cos 3\theta=\frac{1}{2}\left(a^3+\frac{1}{a^3}\right)
\]
Step 4: Hence:
\[
4\cos^3\theta-3\cos\theta
=
\frac{1}{2}\left(a^3+\frac{1}{a^3}\right)
\]
Therefore,
\[
\boxed{\frac{1}{2}\left(a^3+\frac{1}{a^3}\right)}
\]