What does the equilibrium constant mean for reactions with very small concentrations?
&quot;In this case, the equilibrium constant suggests the products are favoured but if you look at how much product we have compared to reactants there's so much more reactants than products.&quot;  This is what I take as the heart of your question.  To that point:
I believe you need to compare the concentration of all the reactantS, not just one of the products.  In this case, the concentration of all of the reactants is 5.76 X 10 -8 which is a lot less than the 2.4 X 10 -4 which you might have been comparing to the product in the equation.