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Financial News Network
July 10, 2012 AT 8:37 PM
By the end of this year, Apple iPad lovers will likely be able to buy a smaller, cheaper version of the tablet, Bloomberg reports. The new tablet could help Apple knock upstarts Google, Microsoft and Amazon out of the competition in the emerging tablet market, which is predicted to reach $66.4 billion this year. As of now, Apple controls 61 percent of that market. The current iPad has a 9.7 inch screen diagonally, while the new tablet would likely come with a screen smaller than 8 inches. The new iPad would likely sell for prices similar to those of Google's Nexus 7 tablet and Amazon's Kindle Fire, around $199. The current iPad sells for between $499 and $829. For now, Apple has refused to comment on the rumors, but stay tuned for updates.