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Let $tan^{-1}\frac{1}{2} = \theta$. Then, $tan\theta = \frac{1}{2}$. We need to find $sec^2\theta$. We know that $sec^2\theta = 1 + tan^2\theta$. Therefore, $sec^2(tan^{-1}\frac{1}{2}) = sec^2\theta = 1 + tan^2\theta = 1 + (\frac{1}{2})^2 = 1 + \frac{1}{4} = \frac{5}{4}$.
Let $cot^{-1}\frac{1}{3} = \phi$. Then, $cot\phi = \frac{1}{3}$. We need to find $cosec^2\phi$. We know that $cosec^2\phi = 1 + cot^2\phi$. Therefore, $cosec^2(cot^{-1}\frac{1}{3}) = cosec^2\phi = 1 + cot^2\phi = 1 + (\frac{1}{3})^2 = 1 + \frac{1}{9} = \frac{10}{9}$.
Now, we add the two simplified terms: $sec^{2}(tan^{-1}\frac{1}{2})+cosec^{2}(cot^{-1}\frac{1}{3}) = \frac{5}{4} + \frac{10}{9} = \frac{5 \times 9 + 10 \times 4}{36} = \frac{45 + 40}{36} = \frac{85}{36}$.
Final Answer: 85/36
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