When the bullet is farthest or closest to the center of earth, the velocity of the bullet is not in radial direction to the center of the earth. Let that velocity be 'v'.
Since the satellite is orbiting the earth,
mv20a=GMma2
⟹v20=GMa........ Relation 1
Now from conservation of angular momentum of bullet,
mv0a=mvr
⟹v=arv0..........Relation 2
From conservation of energy of the bullet,
12m(v20+v204)−GMma=12mv2−GMmr
Using relation 1 and relation 2, we get
3r2−8ar+4a2=0
⟹r=2a3,2a
Here one is the farthest distance and other is the shortest.
Ratio =3