What is wrong with this proof?

Consider this "proof" that \(0.99 = 1\):

  1. We know that \(\frac{1}{3} = 0.33\).
  2. Multiplying both sides by 3, we have \(\frac{3}{3} = 3(0.33) = 0.99\).
  3. Since \(\frac{3}{3} =1,\) we have that \(1 = 0.99.\)

What is wrong with the proof?

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