Final answer:
Mike is faster because he completes a 500-mile race in 10.5 hours, while Ricky's time for the race would exceed 15 hours based on the given increasing time per lap, indicating that it takes him longer.
Step-by-step explanation:
To determine who is faster between Ricky and Mike, we must compare the times it takes each of them to complete the race. Ricky is racing a total of 500 miles, with each lap being 100 miles. According to the information provided, it takes him 2 hours to complete 1 lap, 3 hours to complete 2 laps, and so on. Therefore, to complete 5 laps (which is the entire 500 miles), it would take Ricky 3 + 4 + 5 + ... (continued for each lap) hours. This sequence suggests that his time increases by one hour for each additional lap.
On the other hand, Mike is able to finish the race in 10 and a half hours. Without the exact sequence of time increments for Ricky, we cannot calculate his total time, but we know that it must be at least 15 hours because it takes him 3 hours for the first lap, and the time increases by one hour for each successive lap.
Thus, with Mike's time being 10.5 hours, we can conclude that Mike is faster because he completes the entire 500-mile distance in less time than Ricky.