First, we need to find the product of the two fractions:
$$\frac{1}{3} \cdot \frac{4}{7} = \frac{1 \cdot 4}{3 \cdot 7} = \frac{4}{21}$$
Now, we need to add the two fractions:
$$\frac{4}{21} + \frac{17}{21} = \frac{4+17}{21} = \frac{21}{21}$$
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