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According to FinancialTimes , Apple is planning to unveil a much cheaper version of the iPhone on Monday (WWDC 09.)

“Apple plans to introduce a cheaper version of its popular iPhone as soon as Monday, in a move that could dramatically increase the company’s share of the market for web-surfing devices, people familiar with the initiative said on Thursday.

Analysts said that the company wanted to show off either a $149 phone or a $99 phone, down from the current low end of $199 and still subsidized in exchange for an AT&T communications service contract.”

If Apple were to make such a drastic price cut on the iPhone, I can say with relative certainty that they could increase their customer base exponentially.  Not only would doing this encourage current 3G users to upgrade to the next-gen iPhone, but it would also prompt first-time iPhone users to purchase the device.

I must say that the prospect of Apple cutting the iPhone’s prices so heavily is something that truly excites me. Remember the $400 $600 original iPhone? Well, the times are a-changin’! Pretty soon everybody will be able to purchase one of these nifty little devices (without burning a hole in their pocket.)

[MacRumors]