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Drill bit sizes are written as irreducible fractions. So, instead of 78/64 inch, or 1 14/64 inch, the size is noted as 1 7/32 inch. Below is a chart providing the decimal-fraction equivalents that are most relevant to fractional-inch drill bit sizes (that is, 0 to 1 by 64ths).
A minifloat is usually described using a tuple of four numbers, (S, E, M, B): S is the length of the sign field. It is usually either 0 or 1. E is the length of the exponent field.