Just to be sure if what i have done is correct if i have done something wrong please tell me so.
I have also used the fact that : $\lim_{x\rightarrow \infty}(1+\frac{a}{x})^{x}=e^{a}$
solution:
$$\lim_{x\rightarrow \infty}(1-\frac{1}{4x^{2}})^{x}=\lim_{x\rightarrow \infty}(1+\frac{-\frac{1}{4}}{x^{2}})^{x}=\sqrt[x]{\lim_{x\rightarrow \infty}(1+\frac{-\frac{1}{4}}{x^{2}})^{x})^{x}}$$
$$=\sqrt[x]{\lim_{x\rightarrow \infty}(1+\frac{-\frac{1}{4}}{x^{2}})^{x^{2}})}=\lim_{x\rightarrow \infty}\sqrt[x]{e^{\frac{-1}{4}}}=\lim_{x\rightarrow \infty}\sqrt[x]{\frac{1}{\sqrt[4]{e}}}=\lim_{x\rightarrow \infty}(\frac{1}{\sqrt[4]{e}})^{\frac{1}{x}}=1$$
Your solution definitely works, but it's just that you've chosen a rather circuitous way to do it. A more straightforward way to find this limit would be to notice that the expression $1-\frac{1}{4x^{2}}$ is nothing but a difference of squares. Armed with that observation, here's how you solve it:
\begin{align} \lim_{x\rightarrow\infty} \left(1-\frac{1}{4x^{2}}\right)^{x} &=\lim_{x\rightarrow\infty} \left[1-\left(\frac{1}{2x}\right)^2\right]^{x}\\ &=\lim_{x\rightarrow\infty} \left[\left(1-\frac{1}{2x}\right)\left(1+\frac{1}{2x}\right)\right]^{x}\\ &=\lim_{x\rightarrow\infty} \left[\left(1-\frac{1}{2x}\right)^{x}\left(1+\frac{1}{2x}\right)^{x}\right]\\ &=\lim_{x\rightarrow\infty} \left(1+\frac{-1/2}{x}\right)^x\cdot \lim_{x\rightarrow\infty} \left(1+\frac{1/2}{x}\right)^x\\ &=e^{-\frac{1}{2}}\cdot e^{\frac{1}{2}}\\ &=e^{-\frac{1}{2} + \frac{1}{2}}\\ &=e^{0}\\ &=1\\ \end{align}