I think your answer needs to remember that when the water rises BOTH the h and the b are changing (the l is constant). Therefore, your derivative needs to use the product rule, i.e.
dVdt=(L/2)[b dh/dt + h dh/dt]
Then you need to remember that b and h are related by b = 4h so that db/dt=4 dh/dt.
This should get you the answer you need. If not, get back to me!