Step 1: Write the trajectory in parametric form.
Taking the release point as origin, the horizontal distance is $x = vt$ and the vertical fall is $y = \frac{1}{2}gt^2$, since the initial vertical speed is zero.
Step 2: Find the slope of the path.
The angle the bomb makes with the ground at impact is the slope of its path there, $\tan\theta = \frac{dy}{dx} = \frac{dy/dt}{dx/dt} = \frac{gt}{v}$.
Step 3: Substitute the numbers.
With $v = 500\text{ ms}^{-1}$, $g = 10\text{ ms}^{-2}$ and $t = 10\text{ s}$, \[ \tan\theta = \frac{10\times10}{500} = \frac{100}{500} = \frac{1}{5} \]
\[ \boxed{\theta = \tan^{-1}\left(\frac{1}{5}\right)} \]