Let T be the total time Bill is riding his bike
so,
the total time Mary is riding her bike (T - 1/6) since Mary left the house 10 minutes after Bill
12T = 16(T - 1/6)
12T = 16T - 16/6
16/6 = 16T - 12T
16/6 = 4T
T = 2/3 hours
so, the time is 2:40 pm.