$\color{green}\checkmark$ That was a little long winded, but yes, the correct approach.
You're after the probability that the bomber reaches the target and that the five bombs don't all fail to hit and destroy it.
$\mathsf P(\textsf{reach})~\Big(1-\big(1-\mathsf P(\textsf{hit}\mid\textsf{reach})~\mathsf P(\textsf{destroy}\mid\textsf{hit})\big)^5\Big)\\\= (0.6)\Big(1-\big(1-(0.5)(0.8)\big)^5\big)\\\=0.553344$