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Using 8 bits to store a normalized floating point number

Using 8 bits to store a normalized floating point number with the leftmost bit as the sign bit, the next 3 bits as the exponent (expressed in excess notation), followed by a 4-bit mantissa, the pattern 11101110 represents

A.?-1.5
B. ?3.625
C. ?-7.9375
D.?3.25
E.?-3.5

The answer in the answer sheet is E, but I don't understand how the calculation is done, I need a detailed answer with explanation if possible.

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Mathematics: Using 8 bits to store a normalized floating point number

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Mathematics: Using 8 bits to store a normalized floating point number

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