Calculate the largets and smallest number fiven exp, bias, and fract

Question

Give 8 bits total, where 3 bits are exp bits, 4 bits are frac bits and 1 for sign bit. Have to find the largest and smallest values.

0 110 1111 - largest
1 110 1111 - smallest

1) E = exponent - Bias = 6 - 3 =3
2) M = 1 + f = 1 + 1/2 + 1/4 + 1/8 + 1/16 = 31/16

Value = (-1)^s * M * 2^E = 31/16 + 8 = 9.9375 - largest value
                                        -9.4375 - smallest value

Is this correct? Im not sure about it because im getting a "small" number as a largest value ?