When to use PNG or JPG in iPhone development?

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I have an app that will display a bunch of images in a slideshow. Those images will be part of the bundle, thus distributed with the app.

All the images are photographs or photographic, etc.

I've read that it's preferred to use PNG as the image format, but seeing that the JPG version will be much smaller, I'd rather be using that.

Are there any guidelines which format to use and in which case?

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