Apple to unveil two new iPhones

Apple is set to meet Tuesday at its headquarters in Cupertino, Calif. to reveal a new iPhone with a faster processor, along with a another model that will be sold at a lower cost, according to an article in The New York Times.

It is believed that the higher-priced iPhone will be an improvement over the current iPhone 5 with a faster processor, better camera flash and a fingerprint sensor for security.

The second iPhone is expected to be a cheaper version of the soon-to-be-outdated iPhone 5, coming in a variety of colors, with a plastic case instead of aluminum. Analysts expect the full price of the lower-cost iPhone to be $300 to $400, positioning it as a midtier product.

It is rumored that the higher-priced iPhone will be named iPhone 5S and the lower-priced iPhone will be called the iPhone 5C.

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