On Wednesday, tech giant Apple launched a new 21.5-inch version of the iMac. With the launch of the new iMac, Apple has made the 21.5-inch iMac line more affordable --- the entry-level model of the new iMac is priced at $1,099, which is $200 less than the previous lowest-cost 21.5 inch iMac which cost $1,299.

Some of the key features of the new iMac include a 1.4 GHz dual-core Intel Core i5 processor with Turbo Boost Speeds up to 2.7 GHz, Intel HD 5000 graphics, a 500GB hard drive, and 8GB of memory. The new iMac will apparently run OS X Yosemite when it becomes available later this year.

Boasting Apple's trademark ultra-slim design, the new iMac models also include next generation 802.11ac Wi-Fi, and two Thunderbolt ports, as well as four USB 3.0 ports for exceptional expandability and support for high-performance peripherals. In addition, all new Macs also come with iLife and iWork software for free.

Now available through the Apple App Store, as well as Apple's retail stores and the company's Authorized Resellers, the new 21.5-inch iMac comes with some configure-to-order options, which include up to 256GB flash storage, a 1TB hard drive, and a 1TB Fusion Drive.

Describing the new iMac as "the perfect entry-level Mac desktop," Apple said that the new device makes "the world's leading all-in-one desktop even more affordable."