Several news outlets are reporting a rumor on a cheaper iPhone that could possibly be released by the end of the year. The target market for this cheaper device would be developing markets, where the price of the iPhone isn’t held down by the likes of AT&T and can fetch up to $700 each. The inexpensive iPhone would look much like the current iPhone 5 but would be made of polycarbonate and would have the hardware of last generation’s iPhone 4S.

Only time will tell what Apple has in store for us in the future but we’ll be sure to keep you updated.

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