The polar coordinates of a point are given. Find the rectangular coordinates of this point. \[ \left(1, \frac{\pi}{3}\right) \]

Step 1 ：The polar coordinates of a point are given as \((r, \theta)\), where r is the distance from the origin to the point and \(\theta\) is the angle from the positive x-axis to the point.

Step 2 ：To convert these polar coordinates to rectangular coordinates \((x, y)\), we can use the following formulas: \(x = r \cdot \cos(\theta)\) and \(y = r \cdot \sin(\theta)\).

Step 3 ：In this case, r = 1 and \(\theta = \frac{\pi}{3}\).

Step 4 ：Substituting these values into the formulas, we get \(x = 1 \cdot \cos(\frac{\pi}{3}) = 0.5\) and \(y = 1 \cdot \sin(\frac{\pi}{3}) = 0.866\).

Step 5 ：Final Answer: The rectangular coordinates of the point are approximately \(\boxed{(0.5, 0.866)}\).