Apple prices the iPhone 5 same as 4S: $199 for 16GB

Newest smartphone will cost $299 for a 32-gigabyte version and $399 for a 64-gigabyte version, all with a two-year contract.

Apple VP Phil Schiller CNET

Apple's iPhone 5 will cost the same as the iPhone4S: $199 for a 16-gigabyte version.

Earlier today, Apple unveiled the iPhone 5. The highly anticipated addition to its smartphone line delivers much of what industry observers had expected. You can find full details of speeds and feeds for the iPhone 5 here.

The smartphone will cost $299 for a 32GB version and $399 for a 64GB version, all with a two-year contract.

The products will become available for purchase on September 21 in the U.S., and by the end of the year they'll go on sale in 100 countries around the world, Apple's VP of marketing, Phil Schiller, said.

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