see the bullet will have a parabolic path both the components should be solved separately thus the y-axis path will be a free fall as there won't be any velocity vector there
so we get
√2h/g= t
√2*78.4/9.8 = t
thus t= 4sec
it means it would take 4 sec to travel 1500 metres
so 1500/4 = 375 m/s would be velocity !