First observation: There is a 0.0032 m gap between the bullet and the plate. This is a waste of time solving the motion to close the gap. It is best to put the tip tangent to the plate in CAD.
Second observation: The end time is 6.8e-6 seconds and the initial velocity is 450 m/s so the distance travelled in that time is 0.00306 m which is less than the gap.

The time must be long enough for the bullet to get to the back of the plate or 0.02 m to that would be 4.44e-5 s