No, 7 inches are in the ground and 7 inches are in the air but there may be an unstated length in water between the ground and the air.
Half of the shaft is in the ground and one third of the shaft is in the water. Let "X" be the length of the whole shaft in inches. X/3 is in the ground, X/2 is in the water, and 7 inches were in the air. Altogether X= X/3+ X/2+ 7. Can you solve that for X? (Since I don't like fractions I would start by multiply both side by 2*3= 6.)