The data written to a CD is coded fairly redundantly with error correcting codes, the details of which vary between audio and data format disks.
The interesting information is that the sound is recorded as two channels (stereo) of 16 bit samples at 44.1 kHz, so the bitrate is 2*16*44100 = 1411.2 kbit per second. Thus, a 128 kbps mp3 file is compressed about 11 times. (Note that kbps is kilobits per second, not bytes, and that 1 kbit is 1000 bits, not 1024. These units are confusing).
74 minutes at 1411 kbps is about 750 Mbyte. This shows that audio cds have slightly less error correction than data cds which only can store 650MB.