For the vertical displacement of the bullet,
s = ut + 1/2 at², u = 0 in the vertical direction and a = g
0.03 = 1/2 x 9.81 x t²
t = 0.078 s
The total time of flight is 0.078 seconds
Assuming the bullet travels at a constant horizontal velocity,
distance = velocity x time
v = 55 / 0.078
v = 705.1 m/s