Answer: The initial speed of the bullet will be 10.95 m/s.
Step-by-step explanation:
For the given system, the energy remains conserved. Firstly, the energy was in the form of kinetic energy of the bullet and after the collision, it got converted to the potential energy of block and bullet. Hence, the equation becomes:

where,
are the mass, initial velocity and final velocity of the bullet.
= mass of the block
g = acceleration due to gravity
h = height reached by both ball and block
We are given:

Putting values in above equation, we get:

Hence, the initial speed of the bullet will be 10.95 m/s.