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Typically "Mega" refers to "million", but in the case of computers this is not exactly so. 1 Megabyte is eual to 1,024 Kilobytes. So technically speaking, in the case of computers, 1 Megabyte is 1048576 bytes, answering your question.
Who ever said computers were an exact science? haha
Edit 1: This is a great answer
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