The function is given as,

Obtain partial derivative with respect to 'x' as,

Obtain partial derivative with respect to 'y' as,

The critical points can be obtained by equating the partial derivatives to zero,

So the critical point of the function is (0.5,-4).
Obtain the second-order derivatives as,

Consider the following criteria,
1. Relative Maximum:

2. Relative Minimum:

3. Saddle Point:

4. No Conclusion can be drawn:

Check for the given values of second derivatives,

It follows that,

Thus, the function has a relative minimum at the critical point (0.5,-4).
The value of this maximum can be obtained by substituting the critical point coordinates in the function,

Thus, the maximum value of the function is - 46.75 which occurs at the point (0.5,-4).