Lateral Thinking #01- Burning Strings -

You have two strings of different lengths and a book of matches. If you place a lit match on the end of the longer string, it will burn for exactly 10 minutes. The shorter string on the other hand, will burn for exactly 1 minute.

How can you measure exactly 5 minutes 30 seconds using the matches and the strings?

A couple of rules/restrictions:
1. You may not use scissors.
2. The string is too rigid to be folded in half completely.
3. You can not tell by eye where the half way point of the string is.