Remember we have
, so we need to look at the forces acting on the bullet. The bullet is travelling upwards, but it's weight force is acting in the opposite direction to it's direction of motion, and secondly we have air resistance, which again since it's acting downwards is acting in the opposite direction to it's direction of motion. Lets make upwards as positive, then we have the situation below.
(http://i1082.photobucket.com/albums/j373/mclaren200800/bullet_zps8b1d3634.png)
Now heres where they've made a mistake in the solutions, the first equals sign should be a negative, so you should have
.
So basically adding up the forces we have to get the net force, then letting that equal
.
Then from there on they should be correct.
EDIT: Beaten.