Apple opens its first store in Brazil where iPhones cost $1,170

Apple has opened a new location in Rio de Janeiro, the first Apple Store in South America. About 1,700 people lined up to get inside the Rio Apple Store on opening day.

Brazil has been a tough market to enter for Apple due to the country's high import taxes. An iPhone that retails for $649 in the U.S. sells for $1,170 in Brazil. In an effort to be more cost competitive, Apple has lowered the prices of some of its phones in the country. Story