Question about SELECT statement

[michael123]

product transaction date
--------------------------------------
1 06/07/2006
2 06/05/2006
2 06/10/2006
3 06/09/2006

I have a table like above, now I want to retrieve the latest transaction date for each product, so the result should be:
product transaction date
--------------------------------------
1 06/07/2006
2 06/10/2006
3 06/09/2006

I try to use statement:
SELECT product,max(transaction_date) FROM tbl

However this doesn't work, have no idea how to do that, anyone can give advice? thanks for any comment.

[pty]

SELECT product,max(transaction_date)
FROM tbl
GROUP BY product