You didn't mention what the class is for, so I don't know if you're supposed to do the design in software or with logic. I'm guessing probably software. Also are the bits numbers right to left (least signifcant to most signficant), but this may not matter since you're given equations.
If you're doing this in software, you could use an array of bytes, with each byte holding just one bit. If this is C language, you could use bit fields. You just need to impement the software so it follows the rules in the relevant equations.