Answer
5'; 0.83$^{\circ}$
Work Step by Step
1. To start, we need to convert one of them so they are both in the same format. Let's convert 74.25 degrees as it is easy to convert, put them both in degree-minute format
$75.25^{\circ}=74^{\circ}15'$
2. Then, subtract to find the error
$74^{\circ}20' -74^{\circ}15' = 5'$
3. We need the error in both decimal degree and minute format
$5'\div60\approx0.83^{\circ}$
