Apple has launched a 'budget-friendly' option to its 21.5-inch iMac range - a move that comes two months after the Cupertino tech giant rolled out and slashed the price of its 2014 MacBook Air lineup.
Sporting Apple's trademark ultra-thin design, the entry level iMac's price begins at $1,099. Previously, the price had been $1,299.
The new version comes with features such as Intel HD 5000 graphics, 8GB of memory, and a 500GB hard drive and is powered by a 1.4GHz dual-core Intel Core i5 processor with Turbo Boost Speeds up to 2.7 GHz, making it cheaper than the 2.7GHZ model by $200 and 2.9GHz version by $400.
It will run OS X Yosemite, the latest version of the computers' operating system, once it becomes available for users to download for free later this year.
All iMac models comprise next-generation 802.11ac Wi-Fi, two Thunderbolt ports, and four USB 3.0 ports, enabling expandability and support for high-performance peripherals.
Users can opt for a 1TB hard drive, a 1TB Fusion Drive, or 256GB of flash storage. Additionally, iLife and iWork software come free with all new Macs.
The new iMac is available through Apple's online store and at select Apple authorized retailers.