Apple has formally launched its highly-anticipated new 21.-5-inch iMac with a lower entry price of just $1,099.

The device boasts a 1.4- gigahertz dual-core Intel Core i5 CPU, a 500-gig hard drive, and 8 gigabytes of RAM, according to the Apple website.

Apple's new device is available for $200 less than the 21.5-inch 2.7-gigahertz model, which was the previous low end model available by the company.

The faster device, along with Apple's other all-in-one desktop configurations, remains the same.

The price cut essentially means users will downgrade from a faster quad-core chip to a dual-core CPU.

RAM is the same as well, but the hard drive space was cut in half from 1-terabyte on the $1,299 device. Graphics have been downgraded to Intel's HD Graphics 5000 from Intel's Iris Pro integrated solution as well, according to Apple.

The new iMac can be upgraded however with a 1-terabyte Serial ATA drive for an additional $50, a 1-terabyte Fusion Drive for $250, or a 256-gigabyte flash drive for $250.

The 1.4-gigahertz processor and the 8 gigabytes of RAM cannot be upgraded, according to Apple.

The last time Apple offered an iMac for $1,099 was in early 2013, but that device was only available for sale to educational institutions, according to AppleInsider.com.

Apple reached that price with a dual-core 3.3-gigahertz Intel Core i3 processor and Intel HD Graphics 4000.

The iMac update follows the company's Worldwide Developers Conference earlier this month, which didn't include any hardware announcements.

The WWDC 2013 featured the debut of the MacBook Air with Intel's Haswell processor. 

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