Apple announced two new iPhones today... and killed another.

Apple has officially announced the long-rumored iPhone 5C, a budget device that joins the iPhone family. The iPhone 5C is a 4-inch display, an A6 computer processor, an 8 megapixel camera and an improved front facing camera for FaceTime video chats.

The casing of the iPhone 5C is plastic but comes in a variety of colors (light blue, grey, light red, yellow and green). Apple has created cases to highlight the colors of the iPhone 5C, as well.

Apple touts that it has the "most LTE bands of any smartphone in the world," which means that the company is aiming to make the iPhone 5C as ubiquitous across the globe as possible. It will retail for $99 for a 16GB version and $199 for a 32GB version, on a two-year contract.

A lot of people wondered what would become of the iPhone 5 when Apple announced the expected iPhone 5C. Would it become the mid-tier phone in Apple's lineup? The answer is no. Apple is killing off the iPhone 5 in favor of the iPhone 5C. The new iPhone 5C will be sold at the price that many thought the iPhone 5 would if it were to stay in Apple's existing smartphone lineup. This is a fairly significant move for Apple to kill off what has been the most popular smartphone it has ever created a year after it was announced. 

Without a contract from the cellular carriers, the 5C starts at $549.

What do you think of the iPhone 5C? Let us know in the comments. 

 

Image courtesy REUTERS/Stephen Lam.