Latest refers to the most recent element in achronological series, making it similar in meaning tonewest. It is also the superlative formof the adjective late. Lastrefers to the final elements in any series. After the lastelement, there will be no more.
The finance department recently updated their computersystems and installed all the latestequipment.
Release 2.0 of the program was late. Release 3.2 was even later. But release 1.01 wasthe latest of all.
After this last release, there will be nomore versions of the software.
The release will be the last.
The McGraw-Hill Companies, Inc..