please answer to me step by step and don't copy the old from chegg

2. Assume the following representation for a floating point number 1 sign bit, 4 bits exponent, 4 bits for the significand, and a bias of 7 for the exponent (there is no implied 1 as in IEEE). If I see a 1 outside of the 4 bit significand you will lose all credit! a) What is the largest positive number (in binary) that can be stored? Estimate it in decimal. b) What is the smallest positive number (closest to 0 ) that can be stored in binary? Estimate it in decimal