This is a related rates question, where the distance between the planes is a function of the leg lengths of the right triangle with vertices at the two planes and the point of convergence. Since we know the rates at which the leg lengths are changing, we can determine the rate of change of the distance between the two planes (i.e. the hypotenuse):
x: slower plane's leg (mi) ; y: faster plane's leg (mi) ; z: distance between planes (mi)
x2 + y2 = z2 Differentiating with respect to time gives ...
2x dx/dt + 2y dy/dt = 2z dz/dt and dx/dt = - 420 , dy/dt = - 1,440 , x = 70 , y = 240 , z = 250
dz/dt = [(70)(-420) + (240)(-1440)] / 250 = - 1,500 mph
Looking at either leg or the hypotenuse, we can see that the speed is 6 times the distance, so the air traffic controller has 1/6 hr (10 minutes) to reroute one of the planes, though probably the sooner the better.