Ian invested his savings of $650 in a savings account that was earning a simple interest rate of 3.26% p.a. He also invested $2,575 in his friend's business at a simple interest rate of 0.32% p.m.

a. What is the simple interest rate per month that is equivalent to 3.26% p.a.?

0.05%

2.72%

0.02%

0.27%

b. What was the total interest earned from both investments at the end of 14 months?

$3,365.08

$140.08

$115.36

$24.72