Step 1: Use known trigonometric values
We know the following standard values for sine and cosine:
\[
\sin(30^\circ) = \frac{1}{2}, \quad \cos(60^\circ) = \frac{1}{2}
\]
Step 2: Substitute the values into the expression
Substitute \( \sin(30^\circ) = \frac{1}{2} \) and \( \cos(60^\circ) = \frac{1}{2} \) into the expression:
\[
\sin^2(30^\circ) + \cos^2(60^\circ) = \left( \frac{1}{2} \right)^2 + \left( \frac{1}{2} \right)^2 = \frac{1}{4} + \frac{1}{4} = \frac{1}{2}
\]
Answer: The correct answer is option (1): \( \frac{1}{2} \).