On March 1, 1993, Mr. Hernandez deposited $4,400 into an account that used a 4% annual effective interest rate when the balance was under $5,000 and a 6.5% annual effective interest rate when the balance is at least $5.000, Mr. Hernandez withdrew $1,000 on March 1. 1999, If there were no other deposits or withdrawals, find Mr. Hernander's account balance on March 1, 2003. (Round your answer to the nearest cent.)