Let $d_n$ be the total distance fallen after $n$ seconds. Looking at the pattern, we see that $d_1 = 5$, $d_2 = 20 = 5 + 15 = d_1 + (10 \cdot 2 - 5)$, $d_3 = 45 = 20 + 25 = d_2 + (10 \cdot 3 - 5)$, and for all $n > 1$:
$$
d_n = d_{n-1} + (10n - 5)
$$
Let's see what happens as we replace $n$ with $n-1$ successively:
\begin{align*}
d_n - d_{n-1} &= 10n - 5 \\
d_{n-1} - d_{n-2} &= 10(n - 1) - 5 \\
d_{n-2} - d_{n-3} &= 10(n - 2) - 5 \\
d_{n-3} - d_{n-4} &= 10(n - 3) - 5 \\
&~~\vdots \\
d_{2} - d_{1} &= 10(2) - 5 \\
\end{align*}
Summing the $n - 1$ equations together, notice that the LHS telescopes, yielding:
$$
d_n - d_1 = \sum_{k=2}^n(10k - 5)
$$
The RHS is just an arithmetic series of $N = n - 1$ terms with initial term $a = 15$ and last term $L = 10n - 5$, so we obtain:
\begin{align*}
d_n - 5 &= \frac{n - 1}{2}(15 + (10n - 5)) \\
d_n &= \frac{n - 1}{2}(10(n + 1)) + 5 \\
d_n &= 5(n^2 - 1) + 5 \\
d_n &= 5n^2 \\
\end{align*}
Letting $d_n = 600$, we conclude that the rip-cord should be pulled at $n = \sqrt{\frac{600}{5}} = 2\sqrt{30} \approx 10.95$ seconds.