First, convert the mixed numbers to improper fractions:
\[ 3 \frac{1}{2} = \frac{7}{2} \]
\[ 1 \frac{1}{3} = \frac{4}{3} \]
The least common multiple of the denominators 2 and 3 is 6. Rewrite each fraction with a denominator of 6:
\[ \frac{7}{2} = \frac{21}{6} \]
\[ \frac{4}{3} = \frac{8}{6} \]
Add the fractions with a common denominator:
\[ \frac{21}{6} + \frac{8}{6} = \frac{29}{6} \]
Convert the improper fraction back to a mixed number:
\[ \frac{29}{6} = 4 \frac{5}{6} \]
\[ \boxed{4 \frac{5}{6}} \]
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