Step 1: Use the formula for the probability of the union of two events.
The formula is \( P(A \cup B) = P(A) + P(B) - P(A \cap B) \).
Step 2: Substitute the given probabilities into the formula.
We have \( P(A) = \frac{1}{4} \), \( P(B) = \frac{1}{3} \), and \( P(A \cup B) = \frac{1}{2} \). Substituting these values:
$$\frac{1}{2} = \frac{1}{4} + \frac{1}{3} - P(A \cap B)$$
Step 3: Solve for \( P(A \cap B) \).
First, find a common denominator for \( \frac{1}{4} \) and \( \frac{1}{3} \), which is 12:
$$\frac{1}{4} = \frac{3}{12}$$
$$\frac{1}{3} = \frac{4}{12}$$
So, the equation becomes:
$$\frac{1}{2} = \frac{3}{12} + \frac{4}{12} - P(A \cap B)$$
$$\frac{1}{2} = \frac{7}{12} - P(A \cap B)$$
Now, isolate \( P(A \cap B) \):
$$P(A \cap B) = \frac{7}{12} - \frac{1}{2}$$
To subtract these fractions, find a common denominator, which is 12:
$$\frac{1}{2} = \frac{6}{12}$$
So,
$$P(A \cap B) = \frac{7}{12} - \frac{6}{12} = \frac{7 - 6}{12} = \frac{1}{12}$$