Amazon announced on Thursday a new Fire tablet that will retail for just under $50.

The new Fire tablet is packed with twice the processing power of Samsung's Galaxy Tab 3 Lite with its Quad-core 1.3 GHz processor, and is twice as durable as the latest generation of the iPad Air—at a more affordable price.

"Today, we're taking another step in our mission to deliver premium products at nonpremium prices," Amazon founder and CEO Jeff Bezos said in a press release. "The all-new Fire features a quad-core processor, is incredibly durable, and is backed by the Amazon content ecosystem, the new Amazon Underground, and Amazon customer service with Mayday Screen Sharing. Fire sets a new bar for what customers should expect from a low-cost tablet."

Amazon's latest tablet has a 7-inch IPS display that provides vivid colors that can be seen at any angle. The Fire tablet is equipped with Fire OS 5 "Bellini," which has an updated user interface that has the look of a magazine. The operating system makes it even easier for users to search for content with just a tap. Hundreds of new features and enchantments have been added to Fire OS, including some Amazon-exclusive services like Amazon Underground, an app store that features $10,000 worth of apps, in-app items and free games. This means gamers won't have to pay extra to unlock a level, add another life or get that add-on pack they have been eyeing.

The tablet can support up to 126 GB of storage so that users can enjoy more apps, music and movies while offline.

Queuing up a new movie will be easier on this new tablet thanks to the new On Deck feature, a service for Prime members that automatically keeps the user's tablet current with popular movies and TV series such as the Amazon original Hand of God.

The Fire tablet will also soon provide information to parents via the Activity Center, a free Fire OS update that will roll out in the coming months, which tells them how their children are using the tablet, such as how long they are gaming and what sites they look up online.

Other Amazon-exclusive content includes Amazon FreeTime, Family Library, Word Runner, ASAP, X-Ray, and Second Screen. Amazon users will also have access to unlimited cloud storage for all content.

The new Fire tablet is also equipped with front- and rear-facing cameras, and has what's referred to as an all-day battery life that lasts seven hours while reading, listening to music, watching a TV series or going online.

The Amazon Fire tablet will start shipping on Sept. 30 through the online retailer and will retail for $49.99. Amazon is also running a promotion where if customers buy five, they get one free for a total cost of $249.95. That means every family member can have a tablet for approximately half the price of Apple's iPad Air 2.

New accessories will be rolled out with the tablet as well such as a protective cover that is available in black, blue, orange, green and purple color choices for $24.99

The Fire tablet for under $50 is one of several announcements Amazon made on Sept. 17. The company also introduced the new Fire HD 8 and Fire HD 10 tablets that feature high-resolution displays, stereo speakers and 1.5 GHZ quad-core processors, starting at $150. The online retailer also introduced a Fire Kids Edition tablet and the brand new Fire TV and remote.

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