Total Distance covered in one round of circle = 120 m
Let x and y be the speeds of the two points.
When two points are moving in opposite directions, they meet in every 15 seconds. This means they cover 120 m in 15 seconds. They are moving in opposite directions, so the relative speed will be equal to the sum of speeds of both points. So we can set up the equation as:
x + y = 120/15
x + y = 8
This means, sum of their speeds is 8 m/s
When moving in the same direction, one point catches the other point every 60 seconds. We can set up the equation for this case as:
x - y = 120/60
x - y = 2
This means, difference of their speeds is 2m/s
Adding both equations we get:
x+ y +x - y = 8 + 2
2x = 10
x = 5 m/s
x + y =8
This means, y = 3 m/s
Thus, the speed of the two points is 5 m/s and 3 m/s