Let's say the cost of the five composition books is "x."
Since the total cost is less than $26, the cost of the composition books must be less than $26 - $4 = $<<26-4=22>>22.
Hence, the cost of the five composition books is less than $22.
That means "x" is less than $22.
Therefore, the maximum possible value of "x" is $21.99.
Hence, Bill spent more than $4 + $21.99 = $<<4+21.99=25.99>>25.99 in total. Answer: \boxed{25.99}.
Bill spent less than $26 on a magazine and five composition books. The magazine cost $4.
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