noob question re- resistor wattage

hi one and all
i'm having trouble calculating the wattage of a resistor, the formula i used was V x V / Ohms = P which gave me 3W, but this does not seem to match the existing one. the ressistor in question is R704 in the diagram. any help would be gratefully received.

gaz
 

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For the record, that 3 mW is already somewhat conservative as the output of the NJM5532 can't go all the way to the supply rails, and even if it could, it only would be at the rails most of the time when you drive the circuit into very hard clipping.