16gb P2 card problem

Hey guys! Just received my camera today and after updating everything, decided to pop in my new 16gb p2 card. Thing is, the card only shows 17 minutes left...no matter which format I put the camera in. Aren't these cards supposed to have 40mins in 720/24p? Or am I missing something?
 
To get the maximum recording capacity out of the card, you must be in a PN (native) mode so that the duplicate frames aren't recorded.

Also, what version of the camera firmware do you have? In MCR mode, go to PROPERTY -> SYSTEM INFO.
 
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