Hi Anna F.,
A few things.
1) You should proofread your questions before submitting them! I don't, for example, see an increased threat from any particular angle! But I'll assume you meant, "the angle is increasing at the rate of".
2) The trajectory of the rocket is unspecified, and that is crucial to a solution. If the rocket were pointed away at a line following an asymptote of pi/4 radians with respect to the observer, it could be rising indefinitely fast and yet not increasing its apparent angle to the observer at all! So, let's assume the simplest case, that the rocket is launched exactly vertically and follows a vertical line of ascent.
3) So now you may generate an equation of the form of angle = sin (y/x) , where y is the vertical height of the rocket, and x is the distance observer<->launch_site (500ft) . Can you differentiate that equation with respect to time on both sides of the equals sign? You will need to express y in terms of its present value (solve the triangle specified) plus a velocity term (first degree with respect to time), and differentiate the sin function (use the chain rule for the expression within the sin function). Then plug in your stated values, and crank out the answer (the coefficient of the velocity term).
-- Cheers, --Mr. d.