Where's the 24th fraction bit on a signle precision float? IEE 754

Where's the 24th fraction bit on a signle precision float? IEE 754

I found myself today doing some bit manipulation and I decided to refresh
my floating-point knowledge a little!

Things were going great until I saw this:
... 23 fraction bits of the significand appear in the memory format but
the total precision is 24 bits
I read it again and again but I still can't figure out where the 24th bit
is, I noticed something about a binary point so I assumed that It mean't a
point in the middle between the mantissa and the exponent.
I'm not really sure but I believe it meant this bit.
Binary point?
|
s------e-----|-------------m----------
0 - 00000000 - 00000000000000000000000
^ this