The numbers don't make sense.
If 16,777,215 = 5.0V and 8,388,607 = 2.5V, then it stands to reason that 4,194,303 = 1.25V.
When you have a 330 ohm resistor plugged in as R2, you are getting a reading of 8,333,034. According to the above numbers, that is very near 2.5V.
But - if you do the math...