What accuracy can be obtained for minifloat?

Question

Data types

If we represent in the form
sign / exponent / mantissa
0 ........... 0000 ........... 000
0 1111 111 - we get 480.0
0 1111 110 - we get 448.0
0 1111 101 - we get 416.0
0 1111 100 - we get 384.0
, etc. , of
course, the choice is not rich, but what accuracy can be obtained with an integer 0 7