Step 1: Concept
Apply the Doppler Effect formula for a source moving towards a stationary observer: $n' = n (\frac{v}{v - v_s})$.
Step 2: Meaning
Here, $n=500$ Hz, $v=330$ m/s, and $v_s=30$ m/s.
Step 3: Analysis
$n' = 500 (\frac{330}{330 - 30}) = 500 (\frac{330}{300}) = 500 \times 1.1$.
Step 4: Conclusion
$n' = 550$ Hz.
Final Answer: (B)