Anyways, if you use the principal amount of $45049.20 which you have calculated and input it into the compound interest equation to double check your answer,

45049.20(1 + 0.05)^62
= 927734.32525...
which is not equals to 1000000

Thus, may I ask if your answer here is incorrect? It cant be that the compound interest equation is wrong as it is universally used

In the first place. The expontial method should not be used. It is componding continuously wrt dt. This is not practical at all. Anyway to answer the question we have to follow instructio. But should not change the meaning of k

Agreed though. I am also not sure why the question forces us to use an exponential equation w.r.t time for a compound interest computation.