The System/370 launch in 1970 cemented the Big Iron’s place in business history, according to IBM. At its height of its popularity IBM said there was sometimes a two-year waiting list for the machine. According to IBM, monthly rental for a typical System/370 Model 155 having 768,000 bytes of main memory is $47,985, with a purchase price of $2,248,550. Monthly rental for a typical Model 165 with 1-million bytes of main memory was $98,715, with a purchase price of $4,674,160. "The applications of the Seventies will involve increased multiprogramming, remote computing, management information and tele-processing networks that make a centralized computer data base available to people in many places," IBM stated.