Catherine invested her savings of $1,850 in a savings account that was earning simple interest at 3.20% p.a. She also invested $3,025 in her friend's business at 0.42% p.m.

a. What is the interest rate per month that is equivalent to 3.20% p.a.?

Round to two decimal places

b. What was the total interest earned from both investments at the end of 5 months?